If I receive a gift (say $10,000) in Australia do I have to pay tax on it ?
Answers: Who from? We don't have gift taxes in Australia but:
Under subsection 6-5(1) of the ITAA 1997 an amount is assessable income if it is income according to ordinary concepts (ordinary income).
Generally, a gift is regarded as a personal windfall gain and not as ordinary income unless the taxpayer has received the gift because of, in respect of, or in relation to any income-producing activity of the taxpayer.
In determining whether a gift is ordinary income, consideration of the whole of the circumstances is necessary and the following factors need to be taken into account :
* whether the gift is of a kind which is a common incident of your occupation;
* how, and in what capacity, and for what reason you received the gift;
* whether it was given voluntarily, whether it was solicited, what the motive of the donor was (i.e. if they were kind of paying you to perform some kind of service to them, in gratitude for a service or there were some kind of other strings attached);
* whether it has the character of remuneration in connection with your employment.
Basically - if your relative or friend gives you a gift of cash it's probably a real gift and not income. But if someone you work for gives you a gift then it will depend on whether it was genuinely altruistic and can't be traced to any services you rendered to them...
If you're still not sure, call the ATO for some anonymous general advice and/or speak with an accountant.
Social surety disability. Do I hold to profile import tax , to acquire rebate check?
I don't make plenty money on disibility to file taxes but do I own to file to take the rebate check?Answers: You may not get check anyway.
Bush did not want to afford rebates to those on SS, but the Democrats did. Now the House and Senate hold to agree. Follow the news. Not sure whether SSI qualify, but no one know yet.
Can I write bad a computer I bought but initially charged to a friend's credit card when I do my taxes?
I'm hoping to write off a computer I purchased this year, but it be initially charged to a friend's credit card. Therefore the receipt say that it was sold to him but shipped to me. Will I know how to claim this?Answers: Why do you think you are competent to write this off anyway? It doesn't business that it was originally charged to the friend's description, but unless you own a business and bought it for exclusive use of the business, you can't deduct it. If it's for personal or college use, there is no "writeoff" available.
No you cant, but your friend can.