Athlete's income all taxable - Commissioner wins again in High Court,
28 Jun 05 |
AUSTRALIAN TAX REVIEW
Issue: Vol 34 no 2 2005
In a recent decision of the High Court in Commissioner of Taxation (Cth) v Stone  HCA 21; 79 ALJR 956 (Gleeson CJ, Gummow, Kirby, Hayne, Heydon JJ, 26 April 2005), it was held that prize money, grants and sponsorship received by a former Olympic javelin thrower, Ms Joanna Stone, was assessable income under s 6-5 of the ITAA 1997. The case was run as a test case by the ATO in order to clarify the assessability of receipts by professional sportspeople.
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Annamaria is a Senior Tax Writer with ATP. She has 20 years experience in tax, spanning publishing, the ATO, commerce and the tax profession. Annamaria has been involved in formal liaison with the ATO and Treasury on a number of Committees including the Consolidation Joint Design Team. She has recently published a textbook on 'Consolidations - The Adviser's Guide' and has addressed a number of forums on consolidations.
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18 May 2004