Reference no: EM132737362
Question - Arthur Murray, a resident taxpayer, operates a dance school and operates on an accrual basis for tax purposes. Ignore GST.
During the year ended 30 June 2019 he had the following receipts:
Cash Takings from casual lessons $18,000
Receipts from regular customers 288,000 (all bookings are received in advance of the actual lessons)
Fully Franked Dividend 8,400
Murray also had the following account balances:
Income Received in Advance as at 30 June 2018 $22,000
Income Received in Advance as at 30 June 2019 28,000
Required - Calculate Arthur's assessable income for the 2018/19 tax year.
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