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Question:

Andrew Smith is a lawyer in sole practice. He operates in the Adelaide metropolitan area and employs one receptionist/secretary and two qualified lawyers.

The following information relates to Andrew’s tax affairs for the income year ending 30 June 2019. Cash received from clients for legal services provided $910,000 Accounts receivable as at 30 June 2018 $38,000 Accounts receivable as at 30 June 2019 $52,000 A bad debt amounting to $5,000 was recovered. This amount was in partial settlement of a debt of $12,000 written off in 2016.

Required In your own words and on the basis of the information provided, calculate Andrew’s assessable income for the year ended 30 June 2019. Justify your answers with reasonably arguable positions using the ‘cite, describe, apply’ approach. For the purposes of this assignment you should assume Andrew is an Australian resident individual taxpayer.

 
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