2006-11-26 02:08:17 · 6 answers · asked by Anonymous in Business & Finance ➔ Taxes ➔ Australia
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.
2006-11-26 23:02:55 · answer #1 · answered by chicgirl639 3 · 0⤊ 0⤋
Anything is taxable if it is income. Even prizes from contest are.
2006-11-26 10:16:10 · answer #2 · answered by Anonymous · 0⤊ 0⤋
YES, any money you make,get,find, is taxable income.
2006-11-27 00:05:56 · answer #3 · answered by Deb H 2 · 0⤊ 0⤋
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.
2006-11-26 11:37:31 · answer #4 · answered by Skelebone 4 · 0⤊ 0⤋
Only if you tell either the I.R.S. or Revenue Canada, what ever aplys.
2006-11-26 17:09:52 · answer #5 · answered by mary57whalen 5 · 0⤊ 0⤋
check the tax laws in your country!
2006-11-26 10:16:05 · answer #6 · answered by flashrtp 4 · 0⤊ 0⤋