ok..cool...thanks
heres de question
QUOTE
Terry Waters is a sole trader who owns and operates a business named Prime Pumps, a franchised business selling and repairing irrigation pumps. He is not an STS taxpayer. For the year ending 30 June 2008 he has handed you the following information.
Receipts
Pump sales - cash received $400,000
Pump repairs - cash received 150,000
Dividends received - fully franked 3,500
- partly franked to 60% 7,000
Further information
Sales accounts receivable as at 30 June 2007 $25,000
Sales accounts receivable as at 30 June 2008 18,000
Repairs accounts receivable as at 30 June 2007 5,000
Repairs accounts receivable as at 30 June 2008 8,000
(i don't know what to do with all these figures on top)
Terry won a prize provided by the franchisor for being 'Franchisee of the Year' based a number of business criteria. His prize was a $13,000 holiday comprising tickets valued at $5,000, accommodation valued at $6,000, and $2,000 in spending money. The tickets and accommodation were valued at normal retail costs, but the franchisor was able to acquire them for $3,000 and $4,000 respectively.
(as far as i noe, this is not assessable income because its not transferable....but the thing is it did not state whtr is transferable or not...i got confuse?QUOTE
Terry is the coach of the local football club and is paid $5,000 per season plus a bonus of $1,000 for reaching the grand final. Payment is made in two instalments each year: instalment 1 of $3,000 is paid in May and instalment 2 of $2,000 (plus the bonus if applicable) is paid at the end of the season in September. In the 2007 season, Terry's team was successful in winning the grand final. As at 30 June 2008, in respect of the 2008 season, he has received the first instalment of $3,000, but not the second instalment.
( is this restrictive convenant? im not too sure bout dis...?and how much is terry's total assessable income?
I'm really confuse when i get this question.... really appreciate if sumone here can help me out so i can understand this better...thank u
its so confusing...
Added on March 17, 2008, 8:42 pmnobody knows? sigh.....
This post has been edited by wartevar: Mar 17 2008, 08:42 PM