Question-
Background
Luke Warm is an electrician who acts as a sole trader. In the year ended 30 June 2012, Luke received the following benefits:
1. Rent-free business accommodation worth $100 from his landlord.
2. Tickets for the rugby league grand final worth $50 from one of his customers who operates a newsagency.
3. Free light switches worth $150 from a supplier, of which he will use 80% to service his customers and 20% in his private residence.
Required
Calculate Luke's assessable income (if any) in relation to items 1-3 above. Quote relevant legislation (you must be specific) and show all workings for each item.