QuestionOne of Thomas’ customers bought some medical devices for $24,000 oncredit on 13 June 2019 but could not pay the account, which was issued on the same day. The customer went bankrupt in November 2019. Thomas wrote off the debt on 1 July 2020.In May 2019, Thomas decided to take a night off and go to Star City Casino. It was his lucky night. He won $3,000,000 playing the card game “blackJack”. His friends told him it was “beginners luck”.In July 2019, Thomas decided to use the winning money from the casino to purchase a truck for $90,000 and used it as a delivery vehicle for his business. Thomas often delivered computer equipment to his customer directly from his suppliers and the toll fares that he incurred for these delivery trips were $2,900 for the 2020 financial year. He had to lodge a tax return for the year ended 30 June 2020 and seek your advice whether he would be able to claim any deduction (including the truck if any) for his business.In October 2019, Thomas also invested the winning money towards an investment property in Sydney for $1.7million. He decided to sell the properties a few months later in August 2020 for $2.9 million because of the attractive gain. The net proceeds from the sale (after all relevant costs/expenses) is $358,000.Explain how you would account for these events from the perspective of the Income Tax return for the year ending 30 June 2020. Determine Thomas’s taxable income for 2020 You must give reasons for your answer. Your discussion must include an analysis of the pertinent sections of the relevant legislation, rulings and the relevant case law. If relevant, you must show your calculation. You must apply the law to the facts given in this question and provide YOUR OWN analysis of the issues.LawSocial ScienceTax law TAX LAW BACC3004
solved : QuestionOne of Thomas’ customers bought some medical devices
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