question archive With reference to relevant legislation and case law, determine if the following scenarios give rise to income for tax purposes: a) John is a pensioner and swapping his surplus free range eggs valued at $150 (for the year) with his neighbour Alex for surplus vegetables grown in his home garden
With reference to relevant legislation and case law, determine if the following scenarios give rise to income for tax purposes: a) John is a pensioner and swapping his surplus free range eggs valued at $150 (for the year) with his neighbour Alex for surplus vegetables grown in his home garden
Subject:LawPrice: Bought3
With reference to relevant legislation and case law, determine if the following scenarios give rise to income for tax purposes:
a) John is a pensioner and swapping his surplus free range eggs valued at $150 (for the year) with his neighbour Alex for surplus vegetables grown in his home garden.
ANSWER:
b) David is a builder and helping John at weekends to build his home, doing so on the basis that David can have John's caravan towed trailer (which cost him $10,500 on 1 January 1997) when John move into his current home. Assume the value of the David's work was $11,000 and the caravan had a market price of $12,000 when John handed it over on 1 January in the current income year.
