taxation law
Law
Jacqueline is an Australian based journalist employed by The Chronicle where she covers current issues in the world of finance. Her annual salary is $100,000. As part of her remuneration package, Jacqueline borrowed $15,000 at the rate of 5% per annum from The Chronicle to fund her personal home renovations. The loan was drawn down on 1 April 2013, and she made a repayment payment of $6,000 on 31 December 2013 (that is, $9,000 was outstanding on 1 January 2014).
Jacqueline is also a well-known skier and has recently been approached by a sports magazine, The Snow. The magazine has offered Jacqueline $10,000 for her life story, if she will write it. Without the assistance of anyone, she writes her story and assigns all her rights, title and interest in the copyright for $10,000 to The Snow. The story is published and she is paid. She has never written an autobiography before. Jacqueline also sells the manuscript to the Monash Library for $5,000 together with several photographs that she took during her skiing trips for which she receives $2,000.
Required:
With reference to relevant legislation and case law (where relevant):
1. 2.
3.
Discuss whether or not the gains received by Jacqueline constitute income from personal exertion.
In relation to Jacqueline?s dealings with The Snow, would your answer to (1) differ if she wrote the story for her own satisfaction and only decided to sell it later?
Calculate any liability The Chronicle might have in respect of any fringe benefits provided.
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