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In Australia, as an individual, we are generally taxed by the Australian Taxation Office on income that we receive from providing services i.e. We can also be taxed for our investments such as interest earned in a bank account or Dividends received because we own some shares, these are classed as income. This is a tax on increases in investment Assets such as shares or property.
As a general rule if the Gift is not covered in the above situation then it will not be subject to income tax. So there is a great word called NEXUS that the ATO like to use for many things.
Some of the arguments presented to the court, a consideration of some legal principles, the statement of claim and the statement of defence, a summary of those documents and a commentary on them, can be see at KDC v A-G.
We were told by the commissioners in December 2014 that legal action was being taken against him but, pursuant to the policy of opacity pursued by Honest John, we have received no further information, some nineteen months later.
In terms of the employment If you get a gift of a car from your employer then the ATO will probably consider there is a sufficient NEXUS between you receiving the gift and your Job.
If your Dad gives you a car for your Birthday then you can be pretty sure it will not be taxable.
Many collectors are so self-absorbed that they have little patience to initiate beginners.
Jack Mc Kerchar is defending the claim on the basis that the deed of settlement was stated to be “In full and final settlement” which prevents the KDC from having the agreement set aside and pursuing its claims.
What is amazing about all this is that despite all the allegations of breaches of statutory duties and failure to comply with the LGRA, which are clear matters of incompetence and would support a claim in negligence, Honest John did not file proceedings for negligence in the High Court to recover the losses caused by the ex CEO.
If you know of any that I’ve missed, please let me know in the comments and I’ll add it to the list.
This list is in no particular order except that of my mind and my research.
EDITOR: As I am not knowledgeable about whether gifts are taxable I asked my accountant friend Andrew Jeffers from Shuriken to provide general guidance on the subject. Please note that my guest article is intended to give some guidance to the question “Are Gifts Taxable?