Home » E-News » News

Categories

Accountant Allied Health Annuity Asset Finance Asset Planning Asset Protection Asset Protection Strategies Assets Assets and Risks Ato Bas Binding Death Benefit Nominations Binding Financial Agreement Bonds Brexit Budget Budgeting Business Business Registrations Business Support Business Tax Deduction Business Value Capital Gains Tax Capital Protection Catherine Frost Cgt Checklists Commercial Property Community Corporate Trustee Cryptocurrency Death Benefit Nomination Debt Debtors Deceased Estate Depreciation Director Director Id Divorce Economic Update Economy Emily Kermac Employees Estate Planning Executor Fbt Federal Budget Finance Finances Financial Advice Financial Plan Financial Update Franking Credits Government Grants Gst Home Office Hybrid Unit Trust Individual Ownership Information Session Insolvency Insurance Interest Rates Investment Loan Investment Loans Investment Property Investments Janet Kohan Jobkeeper Jobmaker Joint Ownership Ken Burk Land Tax Lending Market Update Mortgage Broking Mygov Negative Gearing Overseas Gifts Parental Leave Paris Financial Pat Mannix Payg Payg Variation Pension Practice Practice Valuations Private Wealth Property Rebecca Mackie Record Keeping Research & Development Retirement Retirement Planning Retirement Savings Salary Sacrifice Scams Self Managed Superannuation Self Managed Superannuation Fund Self Managed Superannuation Fund Borrowing Shares Small Business Smsf Smsf Borrowing Smsf Self Managed Superannuation Fund Steve Wildes Strategic Business Structuring Structures Succession Plan Superannuation Superannuation Fund Tax Tax Benefits for Super Tax Concession Tax Deduction Tax Losses Tax Offset Tax Planning Tax Savings Temporary Full Expensing Tenants in Common Tfe Training Trust Trusts Will Working from Home

Are you providing entertainment this holiday season?

Are you providing entertainment this holiday season?

With the holiday season on the way you may be planning to celebrate with your staff.

Before you hire a restaurant or book an event, make sure you work out if the benefits you provide your employees are considered entertainment related, and therefore subject to fringe benefits tax (FBT).

This will depend on:

  • the amount you spend on each employee
  • when and where your celebration is held
  • who attends – is it just employees or are partners, clients or suppliers also invited?
  • the value and type of gifts you provide.

Keep all records for the entertainment-related benefits you provide, including how you calculated the taxable value of the benefits.

It’s important to get on top of how FBT works before you provide perks and extras, otherwise you may end up with an unexpected FBT liability.

Check out the fringe benefits tax and entertainment information on the ATO website.

Source: ATO Newsroom


Tags: FBT | tax |