Oliver wanted to repay his loan of $12,000, which he borrowed from National Australia Bank (NAB).
He approached his employer on 4th October 2019 and received $12,000 from him at no interest. On
15th February 2019, Oliver had a performance review with his employer when they told him that he
was only required to repay half of the loan as he is a good performing employee.
Required:
With reference to the relevant laws, advise Oliver and his employer of the tax consequences of this
transaction.