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zeroshift
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Postby zeroshift » Thu Apr 28, 2011 10:42 pm

Aren't gifts tax free?

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SAM-24A
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Postby SAM-24A » Thu Apr 28, 2011 10:44 pm

@ Jeff (JaCe)......I'm led to believe this Club now operates as a business and hence has an ABN.
Ask our Treasurer: VRX_Pete.



@ Chris (zeroshift):......You didn't stipulate it was a gift.
You wrote:
I will bank deposit $10 to anyone who can give me the measurements of the following to the nearest millimetre.


That statement indicates that $10 is for services rendered.
ie: a payment in return for information which Matt would have had to engage a physically movement using a measuring instrument (tools) to attain.



Sam... :wink:
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JaCe
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Postby JaCe » Thu Apr 28, 2011 11:13 pm

But there is a clear difference between the individuals acting in their capacity as individual members of the forum versus the business which provides the medium by which we communicate.

Coming back on to your point though, just because it's in exchange for a service of some form does not automatically give it the quality of 'income' which constitutes ordinary income and is assessable.

... are you sure you really want to argue with a professional accountant on this?
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"A man who stands for nothing, falls for anything."

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Nick07
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Postby Nick07 » Thu Apr 28, 2011 11:25 pm

Cash in the hand job :P

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BrownSound
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Postby BrownSound » Thu Apr 28, 2011 11:25 pm

Jeff, you have been spending too much time with the tax guys at work... ;) I am really hoping you had to look up the ITAA reference and it isn't something that is simply ingrained into your mind!

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JaCe
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Postby JaCe » Thu Apr 28, 2011 11:32 pm

The two most used references in tax are s6-1 and s8-5 :) (income and deductions).
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"A man who stands for nothing, falls for anything."

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SAM-24A
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Postby SAM-24A » Thu Apr 28, 2011 11:40 pm

Mattigins wrote:
Jace my father is a professional accountant.. ill ask him :wink:


Well Now, that explains and answers a whole world of questions.....doesn't it Matt.



Sam.... :roll:
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tadz0rz
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Postby tadz0rz » Thu Apr 28, 2011 11:42 pm

Just donate it to the club and be done with it haha
Got a question? Read the ClubCJ Ultimate Guide First!!
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aspir3
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Postby aspir3 » Thu Apr 28, 2011 11:44 pm

What do accountants use as contraception?


Their personalities. :D :lol: :lol:

WTR
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Postby WTR » Thu Apr 28, 2011 11:47 pm

Q. Why don't sharks eat accountants ?

A. Professional courtesy.

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SAM-24A
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Postby SAM-24A » Thu Apr 28, 2011 11:50 pm

Whaaaaaaat !!!!........ a donation from Mattigins to ClubCJ.

Are you suggesting he deprives himself from earning income for the first time in years by donating it to ClubCJ.

*faint*....HaHa
Sam ..... *thumb*
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