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Question 8 (4 points) Required: Briefly explain whether these amounts ($20K, $15K and $50K) are assessable as ordinary i
Posted: Mon Apr 25, 2022 7:52 am
by answerhappygod
- Question 8 4 Points Required Briefly Explain Whether These Amounts 20k 15k And 50k Are Assessable As Ordinary I 1 (29.69 KiB) Viewed 23 times
Question 8 (4 points) Required: Briefly explain whether these amounts ($20K, $15K and $50K) are assessable as ordinary income (2 marks each). i. Kylie is a scientist who has a two year employment contract as a researcher for a pharmaceutical
company. On top of her substantial salary, she also receives from her employer $20K for not working for a competitor for the duration of her work contract, and another $15K for not working for a competitor for 2 years after she ceases employment with her current employer. ii. Kylie went on a TV contest which involves cake baking. She appeared in a number of episodes, and won the final prize of $50,000.