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Advise Oliver and his employer of the tax consequences

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Question - 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.

Reference no: EM132561006

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