Imagine this scenario: George, who lives in Melbourne and is aged 23, gets a call from his grandmother in Athens. Grandma says she is going to give him $100,000 for Christmas. George is ecstatic. With profuse thankfulness, George gives Grandma the bank details.
The ATO says it will be focusing on accessing new third-party data, automating audit processes, increasing its access to high-quality data and preventative strategies in order to drive down the overall tax gap.
The Christmas break-up party and/or gifts to employees can be exempt from Fringe Benefits if a few rules are followed. The cost can be exempt as either an exempt property benefit or an exempt minor benefit.
While there is a very rapid escalation with watching and monitoring the economies of Asia, especially China, it is always interesting to look back over time, in this case 60 years, to see how they have evolved. Doing so adds great perspective.