Click here for Smith Feutrill’s 2010 End of Year Update Newsletter which focuses on strategies for managing your business.
In this issue:
- Deadline for Investment Tax Break
- Tax and Christmas party expenses
- Government act against business tax debts
- ATO tracking loans made through trust
- 7 steps to a Successful Year End
Posted on 8 December '10 by editor, under Firm news. No Comments.
Christmas is on the way and many employers will be planning their annual year end “bash”. In addition, many businesses will be considering what gifts, if any, they will provide to clients and employees. However, an important issue to consider is the possible FBT and income tax implications of providing “entertainment” to staff and clients. One major consideration is the “less than $300″ minor benefit exemption and the fact that the Tax Office now accepts that different benefits provided at (or about) the same time are not added together when applying this threshold. Basically, this means that a Christmas party and gifts may be exempt from FBT, even if provided at the same time, as long as each costs less than $300!
Posted on 7 December '10 by editor, under Firm news. No Comments.