ISSUE 1 - The following happened during the 2015-16 financial year
- Cash received from clients in 2015-16 amounted to $420,000
- Trading stock on hand at 1 July 2015 was $80,000 valued at 'cost'
- Trading stock on hand at 30 June 2016 was $100,000 valued at 'cost'
- On 31 May 2016 Naalti received $5,000 advance fees for services not yet rendered to a particular client at the end of the 2015-16 financial year
Calculate Naalti's assessable income, and give your reasons if you consider any amounts should be excluded from assessable income.
ISSUE 2 - The following happened during the 2015-16 financial year:
- On 1 April 2016 Naalti received a $28,000 dividend franked to 50% from ANZ Bank Ltd.
- On 1 April 2016 Naalti received a $14,000 fully franked dividend from Tabcorp
Calculate the total amount of assessable income Naalti derived from her investment activities during the 2014-15 financial year.