Hi there - An employee has taken a gap year and the employer provided a going-away gift in foreign currency (equivalent to AUD290). The cash gift is from the whole team, rather than exclusively from the employer.
What are the tax implications (if any ) and what is (or should be) the appropriate treatment.
Hi @Arrchr,
Even though the cash was collected from staff as a group, if the gift is given because of the employment relationship (for example, as a going‑away gift), it would most likely be treated as assessable income for the employee.
If the gift had been a non‑cash item provided by the employer and was under $300, different FBT rules may have applied, but that exemption doesn’t apply to cash.
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