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Calculate peters taxable income

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Reference no: EM13509045

During the year ended 30 June 2011, Peter Pepperneck (a resident wage earner and passive investor) entered into the following transactions:

1. Received salary in advance (non-refundable) of $10,000 on 30 June 2011 for the month of July 2011.

2. Prepaid interest of $30,000 on 30 June 2011, on an investment loan for the period of 1 July 2011 to 31 May 2012.

3. Received $5,000 on 1 July 2011, representing an interest payment for the period 1 April 2011 to 30 June 2011.

4. Prepaid tax agent fees of $5,000 for the period of 1 July 2011 to 30 June 2014.

5. Spent $10,000 on an aborted takeover offer for shares in a company.

Required

Calculate Peter's taxable income/tax loss for the year ended 30 June 2011. Briefly explain all inclusions and exclusions and cite the relevant references (i.e. cases and/or section references to support your answer).

Explanations should be no more than three sentences and any calculations should be included.

Reference no: EM13509045

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