BLAW30002 Lecture Notes - Lecture 6: Fringe Benefits Tax, Ordinary Income, Capital Asset
15 Nov 2018
School
Department
Course
Professor
Document Summary
If prize is directly related to tp"s income-earning activity: kelly (1985) Court looked at it and asked "what"s his income-earning activity?" football play. "why did he get this prize?" because of his football play. Prize is directly connected to his income-earning activity, therefore income from services, therefore held to be ordinary income. It 167: commissioner takes the same view that if the prize is directly related to the tp"s income tax earning activity, then it is income. If extensive personal exertion and skill involved in winning the competition prize. Superannuation: not a fringe benefit: s136(1)(ii) fbtaa, not assessable income when initially "received, tax consequences for employee arise when amount withdrawn from superannuation fund. Frequent flyer points: not a fringe benefit, not assessable income, payne. Tp earned frequent flyer points on work-related travel she used the frequent flyer points to redeem holidays.
