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What is rent-free business accommodation

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Reference no: EM13500199

Question-

Background

Luke Warm is an electrician who acts as a sole trader. In the year ended 30 June 2012, Luke received the following benefits:

1. Rent-free business accommodation worth $100 from his landlord.
2. Tickets for the rugby league grand final worth $50 from one of his customers who operates a newsagency.
3. Free light switches worth $150 from a supplier, of which he will use 80% to service his customers and 20% in his private residence.
Required

Calculate Luke's assessable income (if any) in relation to items 1-3 above. Quote relevant legislation (you must be specific) and show all workings for each item.

 

Reference no: EM13500199

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