Royalty Income Some years ago, Lindsey wrote a book entitled “Understanding your Legal Rights", which retails for sale a
Posted: Sun May 29, 2022 8:26 pm
Royalty
Income
Some years ago, Lindsey wrote a book
entitled “Understanding your Legal Rights", which retails for sale
at most good Brisbane book retailers for $29.95. For each book
sold, Lindsey receives a royalty of $10 from the book
publisher.
On 21 June 2021, Lindsey receives a
cheque for $2,560 from the book publisher, representing royalty
income in respect of the sale of 256 books during the 2021 income
year.
what is the assessable income?
Income
Some years ago, Lindsey wrote a book
entitled “Understanding your Legal Rights", which retails for sale
at most good Brisbane book retailers for $29.95. For each book
sold, Lindsey receives a royalty of $10 from the book
publisher.
On 21 June 2021, Lindsey receives a
cheque for $2,560 from the book publisher, representing royalty
income in respect of the sale of 256 books during the 2021 income
year.
what is the assessable income?