Gifts, parties, FBT — use this interactive guide to find out exactly what your business can and can't claim at Christmas.
👇 Start the survey below to find out the tax treatment for your expense 👇
Gift vouchers (groceries, health & wellness, books), wine or champagne, flowers, hampers, skincare/beauty products, perfumes, computer/TV equipment, plants
Minor Benefit Exemption: Gifts under $300 (inc GST) that are infrequent are exempt from FBT. This means you get the tax deduction without the FBT cost.
Example: An $1,100 holiday to an employee costs $1,076 in FBT. Total cost = $2,176. After claiming the tax deduction and GST credits (approx $619), the 'gift' actually cost your business approx $1,457! Hope they enjoyed their holiday.
General Information Only: This tool provides general guidance on the tax treatment of entertainment and gifts based on current Australian Taxation Office (ATO) guidelines. It is not professional tax advice tailored to your specific circumstances.
Not a Substitute for Professional Advice: Tax laws are complex and subject to change. Individual circumstances vary significantly, and the information provided here may not apply to your specific situation. You should not rely solely on this tool for making tax decisions.
Seek Professional Advice: Before making any decisions regarding tax deductions, FBT obligations, or business expenses, you should consult with a qualified accountant, registered tax agent, or tax advisor who can assess your specific circumstances and provide tailored advice.
No Liability: While every effort has been made to ensure the accuracy of this information, Altitude accepts no responsibility or liability for any errors, omissions, or for any loss or damage arising from reliance on information provided in this tool. Users acknowledge that they use this tool entirely at their own risk.
Currency of Information: Tax laws and ATO interpretations can change. This tool is current as of the date of publication but may not reflect the most recent legislative changes or ATO rulings.
Record Keeping: Regardless of the tax treatment indicated, you must maintain proper documentation and records for all business expenses in accordance with ATO requirements.
Contact Us: For personalized tax advice and to discuss your specific circumstances, please contact Altitude directly at www.youraltitude.com.au