William, an accountant, received the following payments: $1,000 honorarium for acting as treasurer...
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Accounting
William, an accountant, received the following payments:
- $1,000 honorarium for acting as treasurer for the local netball association (2 marks)
- $20,000 lump sum to entice him to move to another firm. William accepted the offer and commenced employment (2 marks)
- $200 cash prize for winning the office footy tipping competition. (1 mark)
What amounts would be considered assessable income? Provide reasoning and references for your decision
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