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Re: Income Accessibility

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Newbie

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Replies 1

How would you answer questions about the assessability of the following?


(a) Mike, a lifesaver, saves a small boy from drowning. The boy’s mother is grateful
and offers Anna $300 in cash. Anna refuses the money but later accepts an iPad
(valued at $450). Anna is particularly interested in finding out whether this
gift is assessable as income.

 

(b) Cartons of beer and other alcoholic beverages left by residents next to their
garbage bins for garbage collectors at Christmas time.

 

(c) David, who is employed full-time as a motor mechanic, plays football at

weekends for which he is paid. Martyn wins the Best and Fairest Footballer
trophy for the year as well as a car worth $60,000.

 

(d) Silver medals won at the Commonwealth Games.

1 ACCEPTED SOLUTION

Accepted Solutions

Most helpful response

Taxicorn

Replies 0

@ZahirHassan 

 

(a) Who is anna?

(b) not assessable.

(c) Yes, https://www.ato.gov.au/Business/PAYG-withholding/In-detail/Foreign-resident-entertainment,-sports,-c...

 

(d) not assessable.

 

Is this homework ?

 

1 REPLY 1

Most helpful response

Taxicorn

Replies 0

@ZahirHassan 

 

(a) Who is anna?

(b) not assessable.

(c) Yes, https://www.ato.gov.au/Business/PAYG-withholding/In-detail/Foreign-resident-entertainment,-sports,-c...

 

(d) not assessable.

 

Is this homework ?