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| *Ostroff, Fair and Company>>>Australia Taxes |
How many ways can cash be legitamately declared tax free??? |
ie; I've heard that I can receive up to $5000 cash gift per year tax free and up to $5000 ,tax free, earnt from a hobby. Could somebody verify this and does anyone have anything to add??? Regarding Hobbies, you can earn money from them tax free only if the purpose of the hobby isn't to make money. Make sense? No? If you decide to referee at your child's sporting events, and you get paid for your time and travel expenses (say $15), then you'd probably suggest that is a hobby that is tax exempt- where the expenses are probably going to be greater than the reward. If you make arts and crafts in sufficient quantaties that you then take them to the market once a month to sell them, then you can probably suggest that the primary reason is to make money, and it would be subject to income tax & gst (better get yourself an ABN). Windfall gains are considered tax exempt in australia (like winning tattslotto) You would NEVER pay income tax on gifts you have received. The gifter might have to pay gift tax on the gift under some circumstances if it exceeds $12,000 per year to any recipient. Sorry -- that applies to US tax law. Can't say about NZ |
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