Sunday 17 Jan 2021
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Latest Accounting News
Hot Issues
Vaccination rates as they happen around the world
Toyota returns $18m in JobKeeper payments
Approaching the dawn
Videos and other resources for our clients
Brazen ATO scam costs Sydney woman $22k
Key dates for the second JobKeeper extension period
Returning expats reminded on tax snares with pensions, investments
80¢ per hour work-from-home deduction method extended
2020 is coming to an end. Phew!!
Victorian State Budget Overview 2020 - 2021
Employee Christmas Parties and Gifts – Any FBT?
FBT – Christmas Parties and Taxi Fares
JobMaker hiring credit given green light despite ongoing concerns
Super, death, and taxes
ATO extends JobKeeper deadlines ahead of Christmas
Small-business coronavirus grants set to be income tax-free under new bill
How Australians are taking advantage of income tax cuts
Part 1 – Budget reminders. Under the Hood.
Part 2 – Budget reminders. Under the Hood.
Part 3 – Budget reminders. Under the Hood.
Comprehensive list of COVID-19 initiatives and packages.
Businesses not meeting obligations warned as ATO restarts compliance programs
Employers cautioned over ‘hard and fast’ decline in turnover eligibility
‘Follow the spirt of the law’, warns ATO
$120m in JobKeeper clawed back by ATO, new compliance areas highlighted
Budget 2020 - A very comprehensive break down.
Budget 2020 - Fact Sheets
Budget 2020 - At a Glance, Overview, Outlook
Temporary home office expenses shortcut extended again
JobKeeper extension – changes implemented
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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