Tuesday 21 May 2019
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Latest Accounting News
Hot Issues
ATO issues warning after ‘unprecedented’ spike in impersonation scams
Crypto transactions in ATO sights with new data-matching program
Government to establish $2 billion fund for small business lending
Small business corporate tax rates Bill is now law
ATO to double rental deduction audits to 4,500
ATO set to issue excess super contribution determinations
How's Australia going as we approach the election?
Single Touch Payroll (STP) is compulsory for all small businesses.
Federal Budget 2019 - Overview
How the 2019 Federal Budget affects you
FBT Reminder – Odometer Reading
‘Big awareness push’ underway as STP deadline approaches
GST collection on overseas goods at 300% of forecasts
The problem with getting to 53 years of age.
Lost Beneficiaries
New quarterly STP reporting method for closely held payees revealed
Some Australian figures to help on Budget night.
Employers hit with rolling SG audits as ATO toughens stance
Resources to help understand and implement Single Touch Payroll (STP)
Big fines, prison on the cards as new SG penalties introduced
Extra website resources and tools is one way we offer you and your family more.
FBT Exemption for Various Work Vehicles
Tax payable on expenditure recoupments
ATO identifies SMSF contravention red flags
Who wins dispute about taxable income?
Australia - facts & figures March 2019
Strategies to handle scam phone calls and problem e-mails.
Instant asset write-off threshold upped to $25k
Jail time for GST fraud
Articles archive
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Quarter 4 of 2008
Articles
Christmas Parties - FBT & Income Tax
FBT - Christmas Parties and Taxi Fares
Superannuation Funds Allowed to Give Guidance

Plan for the Tough Times
Significant GST Benefit for Some Property Developers
Super Fund Binding Nominations - Maybe Not

Property Trusts Redemption Suspension

Would you want to be a Car Retailer?

Record Keeping in the Electronic Environment
Always lodge your Activity Statement - even if nil
Activity Statement Variations?  Act Now
Christmas Parties - FBT & Income Tax
Entertainment not on employer's premises

Generally, any function provided for employees not on the employer's premises is subject to FBT.

Christmas parties are only exempt from FBT as minor benefits if the total value of the benefit to the employee (and any family members attending) is under $300

A common mistake for employers is to calculate the cost per head rather than per employee.

Example

An employer provides a Christmas party at a local restaurant for all employees.

The catering cost per person is $160 for food and drink.  Employees are entitled to bring their spouses to the function.

If an employee attends the function alone, the cost is below $300 and there is no FBT liability as the cost qualifies as a minor benefit.  The employer would not be entitled to claim a deduction for the cost of providing that benefit.

If an employee attends the function with his/her spouse, the total value of the benefit is $300 or more.  Consequently, the entire amount is subject to FBT but the employer can claim a tax deduction for both the cost of the benefit and any FBT paid.

Entertainment on employer's premises

Except for tax exempt organisations, food and drink provided to current employees on the employer's premises on an ordinary working day are exempt from FBT.

‘Food and drink' similarly provided to family members on the employer's premises can be exempt if it is a minor benefit and the aggregate value of the benefit provided to the employee and any family members is less than $300.

 

 

 

 

 

 



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