Christmas is just around the corner and many business owners are preparing celebrations and gifts for employees to celebrate the year end. But how does this affect your tax liability and is Fringe Benefits Tax (FBT) payable?
Holding a Christmas party may or may not be tax deductible depending on the following circumstances:
Providing gifts to employees are treated similarly depending if they are considered entertainment or non-entertainment gifts:
Entertainment gifts (concert tickets, sporting events, movie tickets, theatre tickets, airline tickets etc.)
Non- entertainment gifts (pen sets, flowers, wine, spirits, Christmas hampers etc.)
Please contact our office on 9387 5637 if you have any questions in relation to FBT.
Mark has helped us immensely to understand our financial position, these guys are not just tax agents, they fully understand all aspects of business.
Daniel and his team at Tactica Partners have been taking care of me, my family and my company's accounting needs and I highly recommend him and the team. They've made getting tax done so easy and Daniel is an amazing accountant and extremely thorough and helpful.
…very professional, well prepared and organised. They have given us great business and personal tax advice, offered us good business insights, and more general personal planning advice too.
They continually deliver on all aspects of their service offering. …..we appreciate the substantial assistance they have provided in managing our bookkeeping function and providing proactive tax and accounting advice. We value their ongoing input in helping us strive for continual improvement on our reporting processes and delivery of timely information to our US office.
At last! An accountant who has "not" had a totally successful charisma bypass operation! Sensible and knowledgeable advice. Excellent!
Mark H and Helen have given us wonderful support for our family and business accounting for several years now. When I got my first invoice I grumbled……. not now. We can see the savings and feel the security for ourselves.