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.