Essay LAW511 – Taxation Law Report – Law Assignment Help

Assignment Task

Part A

You are currently working as a graduate accountant and are provided with the following information from a client. The client, Susan, has the following income and expenses for the financial year ended 30 June 2020. Susan is employed as a financial planner for a local financial planning company. In addition to her employment Susan also operates a food store at the local markets on the weekend.

Determine which Income and Expenses are assessable income or allowable deductions. Note you will need to cite legislative references, case law and tax rulings as applicable. Emphasis is on providing substantiation for you reasoning to include as assessable income or allowable deduction. Also refer to the relevant item number on the 2020 tax return where the amount would be disclosed, i.e. (interest income is item 10). An Example format is provided below.