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Topic is Assess able income. cases: Tennant v smith(1892) and FCT v sherden(1980) both cases are for one group words do not matter but consists on two pages. Approximately cover both case in 2200 wo

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Topic is Assessable income. cases: Tennant v smith(1892) and FCT v sherden(1980) both cases are for one group words do not matter but consists of two pages. Approximately cover both case in 2200 words. and has to be according to the IRAC METHOD....

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Topic is Assessable income. cases: Tennant v smith(1892) and FCT v sherden(1980) both cases are for one group words do not matter but consists of two pages. Approximately cover both case in 2200 words. and has to be according to the IRAC METHOD.

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Assessable Income
The income exceeding the threshold income that can be taxed is called assessable income.
Assessable income includes all the incomes which can generally be assessed for the purpose of
determining the tax liability of an assessed person.
The types of incomes which can be included in assessable income are:
? Wages and Salaries
? Other payments received for services including tips, gratuities etc.
? Any allowance like that of travel, car etc.
? Any income like dividends and interest received on investments and other deposits.
? Bonuses, Overtime and other Commissions
? Rent and pensions

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