In the current income tax year, Thomas has a phone business and sells $400,000 (excluding GST) of mobile phones. He also receives a non-redeemable and non-transferable holiday from Ericsson, a phone supplier, worth $6000 (excluding GST). Additionally, Thomas works as an independent contractor for a phone manufacturing company as a sales agent. As the best salesperson, he was given $2000 from the company. The money is handed to Thomas at morning tea and is announced as 'a mere expression of the company's appreciation' of his efforts. Furthermore, Thomas bought a yacht for $15,000 but sold it for $25,000 within six months. By applying both the relevant sections of the law and by supporting your discussion with a relevant case, assess Thomas's income for tax purposes. (5 Marks)