MJJ Accounting and Business Solutions

Your Trusted Advisor, Melanie Jacobson and the team at MJJ Accounting and Business Solutions

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December 2, 2016 By Mel

Christmas things you can claim!

Claiming christmas party expensesDon’t get caught up in the Christmas cheer with a tax bill because your Christmas party bills are not tax deductible.

Generally the safest way to ensure that a Christmas party is deductible is to hold it on your work premises. If your Christmas party is held on a work day and on premises will be exempt from Fringe Benefits Tax and therefore the costs for all employees to attend will be deductible. If you are having their families attends ensure that the cost per person in under the $300 per person and all will be deductible.

For most though the fun on Christmas is to hold the event off premises. The general rule of thumb is that if the event is less than $300 per head you will not have to worry about Fringe Benefits Tax (FBT Tax). Note that there is some wriggle room if the employer wants to provide the employee with a gift as well this would be considered a different “FBT” event and as such would also be exempt from FBT if under the $300.

Please remember though if the expense is exempt from FBT then you are not entitled to claim a deduction for the expense nor are you entitled to claim the GST on the expense.

Please find below an easy to follow table of tax deductibility of Christmas cheer:

Christmas claims

 

We are a small business accounting service located on the beautiful Sunshine Coast and would appreciate the opportunity to help you, your friends, family and colleagues. Contact us on 07 5451 1118 for an obligation-free confidential discussion today.

Filed Under: Compliance & Record Keeping

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