A valid gift must meet specific legal and tax criteria, ensuring the transfer is legitimate and recognized for its intended purpose. Here’s a breakdown of what constitutes a valid gift: Essential Elements of a Valid Gift Intent to Give The donor must have a clear intention to make the gift without expecting anything in return.

Getting ready for an audit is unlikely to be one of your favourite things to do as a business owner. But being prepared, organised and ready can take some of the pain out of an audit. Planning for your audit helps your auditor get their job done more quickly, and also means there’s minimal disruption