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Xmas time! Time to dust off that Xmas Tree and deck the halls for that end of year Xmas work party.
Stock up on those employer Xmas gift hampers!! Woah, hold up, before you get too excited with the festive season, do you know what entertainment expenses and Xmas gifts you can claim back on, and which ones may incur FBT. There are 3 main types of entertainment expenses that your Xmas staff party, employee gift hamper and even client gifts can fall into. Your dream business is up and running, money is coming in. Problem is how do you pay yourself for all that hard work? Too much, and you won’t have enough to cover business expenses, taxes and overheads, too little and you won’t have enough to cover personal expenses…so what’s the right balance?
Super important, up to date records are needed to easily determine your tax position. Good record keeping makes your business life less stressful and more efficient by saving you time and money.
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