The company has been using a credit card for business-related expenses. With each purchase, they earn rewards, effectively reducing the cost of each purchase by 5% of the original price. This 5% is credited as rewards. during the financial, the company redeemed these rewards for $5000 in cash,
The question is whether these cash withdrawals from the rewards are considered assessable income. take into consideration that the cashed rewards will be used for private purposes.
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2,688 views5 replies
5 replies
2,688 views
5 replies