The Christmas and New Year break is just around the corner. And with the festive season, many employers and businesses will be rewarding staff and clients with a Christmas Party or Gift.
A thoughtful gift can keep your staff motivated throughout the year or show appreciation to your customers or clients. However it is important to consider the tax deductibility and possible Fringe Benefit Tax (FBT) implications of providing ‘entertainment’ (including Christmas parties) to staff and clients.
Please see attached a summary which explains in more detail the tax implications of these types of expenses.
CHRISTMAS PARTY and GIFT DEDUCTIONS DOWNLOAD
At VBA we specialise in strategic tax advice, offering tax and financial reporting for individual income earners, family businesses, tradies and construction companies.
Victor Bimrose Accountancy Pty Ltd (ASIC No. 1259423) ABN 53 010 957 294 is a Corporate Authorised Representative of Merit Wealth Pty Ltd ABN 89 125 557 002, Australian Financial Services Licence Number 409361.
General Advice Warning: This information has been prepared without taking into account your objectives, financial situation or needs. Because of this, you should, before acting on this information, consider its appropriateness, having regard to your objectives, financial situation or needs.