When finalised, the draft statement will replace the Commissioner’s views published in the December 1992 and September 1994 Tax Information Bulletins. 

Briefly, the draft statement considers four scenarios where a gift could be taxable to the recipient, being income: 

• from employment activities
• from carrying on a business or a profit-making undertaking or scheme (a profit-making activity)
• from a voluntary activity, or 
• under ordinary concepts.

CA ANZ suggests some aspects of the item be reviewed, amended and clarified with additional references.