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It’s that time of year! Everybody is excited for the work Christmas Party and hoping that this year, they receive an even greater gift from the boss.
Now, we don’t mean to sound like the Grinch, but when it comes to the work Christmas party and Christmas gifts for staff, there’s more to think about than finding out who’s been naughty or nice.
One thing that some businesses forget to consider is if they will need to pay Fringe Benefits Tax (FBT). When rewarding your employees with gifts or parties this Christmas, this is something to be aware of.
When it comes to your work Christmas party, you’ll need to think about:
- how much it costs
- when and where it is held. Did you know that a party held at work on a normal work day is treated differently to an event outside of work?
- who is invited – is it just for employees or are their partners invited too? Are clients or suppliers also invited?
When it comes to gifting, you’ll need to think about:
- the amount you spend
- the type of gift – gifts such as wine or hampers are treated differently to gifts like tickets to a movie or a sporting event
- Also, who you are giving the gift to – different rules apply for employees and clients/suppliers.
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Fringe Benefits Tax and the Festive Season
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