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LEGL300 Taxation Law

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Jarrod Jones is a well known Rugby Union Football player. In 2017 he won an award from the Hale Bank for most valuable player. The award was a Mercedes Benz motor vehicle valued at $100,000.
He also received $250,000 from his contract with Sydney University.

He was selected to play for the Australian team in January 2017, his coach advised him that he would need to bulk up and recommended he drink two cans of beer per day and eat an additional steak. The additional food cost the taxpayer $100 per week. He sought to deduct $2,600.

During the income year, the taxpayer would bet on the horse races on a regular basis , he was very successful and won $50,000.

Advise the Commissioner and the taxpayer on whether the above amounts, are either assessable or deductible.
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