Whether the prize is assessable income


Question: Mary won $7,000 from a lucky draw conducted by her local bank, where she has a savings account. Whether the $7,000 prize assessable income? Mary won $7,000 from a lucky draw conducted by her local bank, where she has a savings account. Whether the $7,000 prize assessable income? Yes, there is a nexus (Connection) between her winning and her deposit account in the bank No, it is just a windfall gain Yes, it is a fruit No, it is part of the capital

 

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Accounting Basics: Whether the prize is assessable income
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