Best to refresh your memory on the allowable deductions and FBT rules, before the event, so you don’t end up with any surprise tax to pay!
It is possible to enjoy some tax benefits out of your generosity and avoid Fringe Benefits Tax (FBT).
The following is a general summary of the tax treatment of Christmas giving.
Hot off the press!
The ATO says:
Important information – October 2020 updates
Employers have until 16th November 2020 to update their payroll systems.
JobKeeper 2 is go, but it is too early to confirm if you qualify.
Confused yet?
Your business needs to measure ACTUAL turnover for the September 2020 quarter and compare to September 2019 using the same method as your BAS. Decline must be 30% or more to be eligible for JobKeeper2 payments.
No longer eligible for JobKeeper?
You might be eligible for apprentice & trainee subsidies.
Eligible employers can apply for a wage subsidy of 50 per cent of an eligible apprentice or trainee’s wages paid until 31 March 2021.
JobKeeper2 is about to start!
JobKeeper1 ends on Sunday. Any PAYMENT made after Sunday will not count in JobKeeper1 and is not reimbursable. You may need to update your pay templates to remove topups if you are no longer eligible.
Is the exchange between boss and employee as simple as money for time?
Hopefully its not an exchange of heated words!
What about exchanging roles for a day?
Important changes to JobKeeper V1 effective 3rd August
Employee eligibility can be tested as at 1st July – this covers casuals for 12 months of service, new hires & eligible business participants.
You must nominate ALL your eligible employees
Play in the sand by all means, but don’t bury your head in it.
Sand is important in building like record keeping is to accounting. It is necessary for a strong structure.
Do you need help to manage your team? We’d love to help you relax on the sand once you’ve pulled your head out.
When is the last time you enjoyed a lazy day?
We hope it was on the weekend!
A lazy day can give your body and mind a rest, so you can be more productive tomorrow.
JobKeeper v2 What you need to know (for now)
Nothing is law yet!
Its too early to worry about details – stay tuned!
The current program will run until the end of Sept.
If you are in, you remain in, you may also opt in if you become eligible.
