Bella owns a retail business and received the following amounts during the year ended 30...
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Bella owns a retail business and received the following amounts during the year ended 30 June 2021: Non-refundable deposits on lay-bys of trading stock of $5,700 received from customers during the year. On 4 October 2020 she received a refund of $2,200 that related to lease payments that she had paid in the year ended 30 June 2019. She had claimed a deduction under s 8-1 ITAA97 for those lease payments in her income tax return for the year ended 30 June 2019. One of Bellas suppliers had failed to deliver trading stock on time to her store on a number of occasions during the year ended 30 June 2021. This had resulted in a loss of profits to Bella. She requested that the supplier compensate her and so they paid her an amount of $3,400 on 22 June 2021 to cover the lost income. Based on the above transactions what amount would Bella include in her assessable income? a. $5,700 b. $4,600 c. $11,300 d. $9,100 e. Nil
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