Dividend statement, Franked dividends totalling $1,400 from

Dividend statement

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Question

Giving reasons why amounts are or are not assessable income.

1. Franked dividends totalling $1,400 from shares Michelle owned in the Commonwealth Bank. A Dividend Statement received by her shows a franking credit of $600 on the dividends.

2. Sale proceeds of $25,000 from the sale on 10 July 2022 of her shares in the Commonwealth Bank. These shares were sold by Michelle after they went ex-dividend. She acquired the shares on 1 September 2021 at a total cost of $15,000 as a "long-term investment", but sold them when she did because of her move to the United States. She had never previously bought and sold any shares.

3. An amount of $20,000 that was unexpectedly received from her grandparents on the eve of Michelle's departure. The amount was given to help her "set herself up" in the United States after her arrival there.

Reference no: EM133989593

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