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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.

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