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| *Ostroff, Fair and Company>>>Australia Taxes |
Are rewards taxable? |
Are rewards taxable? FROM AN AUSTRALIAN PERSPECTIVE: It depends on the reward. The tax system is complicated, but on a basic level, if the reward is connected to your employment, it is taxable. For example, I get a sales bonus. If the reward is a mere gift that came unexpectedly then it could be counted out. One off payments are different to periodic payments (periodic payments are taxable, whilst only some one-offs are) If in doubt, see a professional If the reward is a small amount, just pay the tax, it is better than the taxman chasing you. For a large amount, consult a tax agent and be prepared to pay up if necessary. check the tax laws in your country! Anything is taxable if it is income. Even prizes from contest are. The general rule with taxes is that money received from all sources is income unless it is outlined in the tax code that it is not income. Only if you tell either the I.R.S. or Revenue Canada, what ever aplys. YES, any money you make,get,find, is taxable income. |
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