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Offline Arsenal

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O.P. « 2018-May-06, 06:25 PM »
Godolphin awards on Friday night at Morphettville Joe Agresta rewarded plus a number of others...... Troy Corstens one of the judges noticed Carolyn Searcey having a chat to the guy from Coolmore she probably picked him just a guess...... Vin Cox could do with some training in public speaking if he's going to make a habit of opening his mouth representing the Sheik ... very good of Godolphin but no Queenslanders got a guernsey.

Winners received $10K in cash (fully taxable if declared ??) .....runners up $1K.......and $5K plus a trip to Dubai for the newcomers award.

https://www.racing.com/news/2018-05-05/agresta-claims-top-godolphin-award


Giddy Up :beer:

Offline JWesleyHarding

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« 2018-May-06, 06:57 PM Reply #1 »


Winners received $10K in cash (fully taxable if declared

Arsenal's tax advice. :chin:

Online PoisonPen7

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« 2018-May-07, 12:51 AM Reply #2 »
If they are salaried employees and their "prizes" payed via the payroll software the extra tax will be calculated and taken out at payment time.

The "system" ensures the government gets their grubby hands on any bonuses of this nature.

If they pay them cash in a  brown paper bag (similar to corrupt politicians/judges/lawyers present and past) it bypasses the system.

My unqualified advice to Godolphin would be to try and execute the latter.   :biggrin:

 

Offline timw

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« 2018-May-14, 05:36 PM Reply #3 »
I hate tax but ATO ID 2002/644 Income Tax Assessability of Prize might be of interest.  The ATO states the tests a

Generally, a gift or prize is regarded as a personal windfall gain and not as ordinary income unless the taxpayer has received the prize or gift because of, in respect of, or in relation to any income-producing activity of the taxpayer.

In determining whether a prize or gift is ordinary income, the courts have established that consideration of the whole of the circumstances is necessary and that the following factors need to be taken into account :
how, in what capacity, and for what reason the recipient received the prize or gift ( Squatting Investment Co Ltd v. Federal Commissioner of Taxation (1953) 86 CLR 570, (1953) 5 AITR 496; (1953) 10 ATD 126 ( Squatting Investment Case ))
whether the prize or gift is of a kind which is a common incident of the recipient's calling or occupation ( Scott v. Federal Commissioner of Taxation (1966) 117 CLR 514; (1966) 10 AITR 367; (1966) 14 ATD 286 ( Scott's Case ))
whether the prize or gift is made voluntarily
whether the prize or gift is solicited ( Hayes v. Federal Commissioner of Taxation (1956) 96 CLR 47; (1956) 6 AITR 248; (1956) 11 ATD 68 ( Hayes' Case ) and Scott's Case )
whether the prize or gift can be traced to gratitude engendered by some service rendered by the recipient to the prize of gift donor ( Squatting Investment Case )
the motive of the prize or gift donor (though this factor is rarely decisive in itself) ( Hayes' Case ); and
whether the recipient relies on the prize or gift for regular maintenance of themselves and any dependants ( Federal Commissioner of Taxation v. Dixon (1952) 86 CLR 540; (1952) 5 AITR 443; (1952) 10 ATD 82 ( Dixon's Case ) and FC of T v. Blake (1984) 75 FLR 315; (1984) 15 ATR 1006; 84 ATC 4661).

I will leave up to far smarter people than I to confirm what all that means.

Cheers

Offline Jeunes

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« 2018-May-14, 06:39 PM Reply #4 »
All bonuses paid through a payroll are taxed and usually at the highest rate depending on the amount.

The only good part is you get a tax refund when they average your income for the tax return.

Offline JWesleyHarding

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« 2018-May-14, 08:09 PM Reply #5 »
I don't know shit from clay about tax law but there's no way in the world that this prize would (or should) attract the interests of the tax man.




Offline gunbower

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« 2018-May-14, 08:38 PM Reply #6 »
I don't know shit from clay about tax law but there's no way in the world that this prize would (or should) attract the interests of the tax man.

JWS if you haven't a clue (self confessed ) then why comment ? Of course it is fully taxable. It is benefit obtained in the course of earning your usual income. Much like a racehorse trainer's winning bets on his own neddies. Fully taxable.

Offline JWesleyHarding

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« 2018-May-15, 09:18 AM Reply #7 »
Of course it is fully taxable. It is benefit obtained in the course of earning your usual income. Much like a racehorse trainer's winning bets on his own neddies. Fully taxable.


No way in the world.

Or my faith in the fairness of our tax system is shaken. :sad:

It's a windfall received as a result of his contribution to the industry.

Not received from his employer.







Offline gunbower

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« 2018-May-15, 11:41 AM Reply #8 »
JWH , Do you think "Ollie's one and only lifetime bet " would be exempt from tax ? Of course not . Three other points-

1)  "windfall " hardly means that it is exempt. Winning Lotto is a windfall . Winning a cash prize for your efforts in an Industry where you obtain your assessable income is taxable.

2) whether or not it is your employer irrelevant.

3) Who ever said our Tax System is fair ?

Offline ratsack

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« 2018-May-15, 09:47 PM Reply #9 »
I don't know shit from clay about tax law
. Much like a racehorse trainer's winning bets on his own neddies. Fully taxable.

since when has any winning bet been taxable ?



Offline gunbower

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« 2018-May-16, 06:17 PM Reply #10 »
Those who derive their primary source of income from the Industry have always been fully taxable. Of course you would be a fool in those circumstances to be betting in your own name. Much better to say your wife is a punter. Then no problems.


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