Employee Appreciation Day is tomorrow.
Want to say ‘thank you’ without inviting the ATO to the party?
Handle the ‘fun tax’ (FBT) like a pro.
Keep your gift under $300 (including GST) per person. For the best tax outcome, stick to Non-Entertainment gifts like a hamper or a gift card. You get the deduction, they get the prize!
Keep your gift under $300 (including GST) per person. For the best tax outcome, stick to Non-Entertainment gifts like a hamper or a gift card. You get the deduction, they get the prize!
And don’t forget the non-cash options
– The ‘Friday Finish’: Give the team a few hours back on Friday, March 6th. It’s the ultimate ‘thank you’ that costs nothing in cash but builds goodwill.
– Public Recognition: A heartfelt shout-out on LinkedIn or in your team Slack channel can be incredibly validating.
– The Gourmet Morning Tea: Bring in the good cakes! Because it’s ‘light refreshment’ at your premises during a workday, the ATO generally views this as deductible staff amenities (don’t forget to invite us for the sugar hit).
If you aren’t sure how to reconcile that team lunch in Xero, just ask us!
What are you planning for your team this year?
ATO details are here: https://www.ato.gov.au/businesses-and-organisations/hiring-and-paying-your-workers/fringe-benefits-tax/how-fringe-benefits-tax-works
