Question: Explain (citing sections where appropriate) whether the following receipts are specifically exempt from income tax? (1 mark each): A scholarship received by a full-time university
Explain (citing sections where appropriate) whether the following receipts are specifically exempt from income tax? (1 mark each):
- A scholarship received by a full-time university student, paid by a major company listed on the stock exchange, on the condition that upon her graduation, the student work for the company for at least one year.
- Membership premiums received by a not-for profit/gain private health insurance provider.
- A superannuation benefit paid to an Australian retiree from a superannuation fund that has always been a non-complying, non-foreign Australian superannuation fund.
- A benefit received by an employee from their employer that is regarded as a fringe benefit.
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