Whose tour kicked off at Rustenburg on 30 May 2009?

Calculate assessable income for 2009?

• Sheila B Wright is a Chartered Accountant in sole practice. She employs one other accountant and a receptionist/secretary. For the year ended 30 June 2009 she received cash from customers of $500,000. Her records establish that at 30 June 2009 the value of accounts receivable was $100,000 and at 30 June 2008 the value of accounts receivable was $80,000. By 30 June 2009 Sheila had also performed accounting services to the value of $70,000 which had not been billed to her clients. Value of work done but not billed at 30 June 2008 was $60,000. In January 2009 Sheila saw a promotion from a local hospital asking for volunteers to participate in a trial of a drug which had the potential to cure diabetes. Being a longtime sufferer of diabetes, Sheila was very interested in participating in this trial. Volunteers had to be over 40 years of age, non smokers, and be on no other medication other than to treat diabetes. Sheila met these criteria and so she volunteered to be part of the trial. This trial involved making 3 visits to the clinic,exercising regularly and recording her exercise and food consumption on a daily chart. By 30 June 2009 Sheila was paid $300 and was also given a voucher to spend at a local bookstore to the value of $100. This voucher was not transferable to anybody else. Sheila loves sport and participates in a football tipping competition on the Internet. Sheila studied the teams each week and considered all information she could get her hands on whilst picking her winners. She even developed her own system of analysing past winners to predict the outcome of the games. The football season has 22 rounds and Sheila picked the most winners in 3 of these rounds in March, July and August 2008 winning $20 per round. By season’s end, in September 2008, Sheila was placed third overall in the competition and won a cash prize of $1,000. Sheila owns a residential property that she rents to a young family at $350 per week. During May 2009, Sheila applied for and received government assistance to the value of $8,000 for the purposes of installing solar panels on the roof. The residential property had been rented for the whole 2009 tax year; however the tenants did not pay the last weekly rental payment until July 2009. The solar panels were installed in June 2009 at a cost of $12,000 and Sheila was entitled to an income tax deduction of $100 for the solar panels for the year ended 30 June 2009 under Division 40 of the Income Tax Assessment Act 1997. calculate Sheila's assessable income for the year ended 30 June 2009. ??????????//????? 500000 Cash 100000-80000=20000 AR 70000-60000= 10000 work in progress 350 x 52 = 18200 8000 gov grant 100 less income tax 500000+20000+10000+18200-8000-100 =540100

• Answer:

  thats hard