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A taxpayer is a sole practitioner operating under the name of Accounting Services. As a result of an accident in March 2020, the taxpayer was unable to work for two months. However, as he was covered by an income protection insurance policy, on 20 May 2020 he received a loss of profits insurance payment of $60,000.

His business profits in the year were $60,000 and he paid $12,000 in office rental fees.

The amount of the taxpayer's assessable income in respect of the above transactions at the end of the 2019/20 income year is:

 

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