### What is rent-free business accommodation

Assignment Help Taxation
##### 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.

#### Questions Cloud

 Define what volume of the naoh solution would be required : If a 0.135g sample of NaCl were placed on an ion-exchange column in the H+ form and the eluate titrated with 0.1231 M NaOH, what volume of the NaOH solution would be required to reach a phenolphthalein end point Calculate the isentropic thermal efficiency : Steam enters a turbine in a Rankine cycle power plant at 200 psia and 500 degrees F. Calculate the isentropic thermal efficiency if the condenser pressure is 14.7 psia Find the rate of entropy production in solar concentrator : A solar concentrating heat exchanger system directs sunlight onto a long straight pipe. The pipe receives heat from sunlight at the rate of 153.616 Btu/hr per foot of length, find the rate of entropy production in this solar concentrator Identify whether the interest is deductible in the year end : Identify whether the interest is deductible in the year ended 30 June 2012 in relation to the items above. Quote relevant legislation (apart from s. 8-1 ITAA 1997), cases or tax rulings for each item and very briefly explain your answer (a few wor.. What is rent-free business accommodation : 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. Evaluate the value of n for the data in the equation : The H+ released in the eluate required 16.98 mL of 0.1024 M NaOH to reach a phenolphthalein end point. Calculate the percent zinc in the sample. Calculate the value of n for the data in the equation (the n on the H20). Explain the reaction between dibenzyl ketone and benzil : Suggest two possible byproducts (excluding water) of the reaction between dibenzyl ketone and benzil in the presence of KOH. What is the frequency of waves heard by the insect : A resting bat sends out ultrasonic waves at 50 kHz towards an insect that is approaching the bat with a speed of 20.0 m/s. What is the frequency of waves heard by the insect Calculate lukes assessable income : 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.

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