Mr Frank lives in the North of Brisbane. During the current tax year, Mr Frank...
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Accounting
Mr Frank lives in the North of Brisbane. During the current tax year, Mr Frank received the following amounts.
- $3000 interest for a term deposit he made with his bank.
- A watch worth $200 from a happy client
- Winnings of 11,000 on the poker machines.
- A holiday bonus of $1200 from his employer.
Discuss if each of the above amounts can be considered as an ordinary income of Mr Frank.
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