MAP - December 2019 Update
All I want for Christmas is a tax deduction
Christmas is just around the corner and plans for gift giving are underway. But will those gifts be tax deductible and exempt from FBT (fringe benefits tax)? To be eligible the gifts need to be “non-entertainment gifts”, and cost less than $300 including GST per staff member.
Examples of “non-entertainment gifts” include skincare and beauty products, flowers, wine, beer, spirits, perfumes, pen-sets, gift vouchers & hampers. Avoid entertainment type gifts such as tickets to sporting events & movies, holidays, airline tickets etc.These gifts are subject to different rules and will not be as tax effective.
December Due Dates
- Lodge and pay November 2019 Instalment Activity Statement – 21st December.
- Lodge and pay November 2019 Business Activity Statement – 21st December.