SKY UPDATE | FRINGE BENEFITS TAX (FBT) & ENTERTAINMENT
With the festive season approaching, many organisations will be planning end of year celebrations with their teams.
In many instances, a festive season event can give rise to unexpected and unwelcome FBT issues.
However, there are a number of situations where a FBT exposure can be avoided. For example, where the “minor benefits” exemption is available. Similarly, a party held at the businesses premises may also qualify for an exemption.
The ATO have published some useful website guidance to help organisations to understand the FBT implications associated with common entertainment scenarios such as Christmas parties.
If you are in the midst of planning your end of year function, it is important to consider the FBT dimension. If you need assistance, please get in touch.
Sky Accountants Ballarat
Phone: 03 5332 8855
Office Address: 902 Howitt Street, Wendouree, Victoria 3355, Australia
Postal Address: PO Box 2234, Bakery Hill, Victoria 3354
Sky Accountants Gisborne & Macedon Ranges
Phone: 03 5428 1400
Office Address: 45 Hamilton Street, Gisborne, Victoria 3437, Australia
Postal Address: PO Box 270 Gisborne Victoria 3437