To be as generous as possible this Christmas while keeping the tax burden low, employers should keep the following tips in mind:
Many employers merely claim that their Christmas Party was a conference for clients. They therefore seek to claim the whole thing as a tax deduction. However, legally it is a fringe benefit to your staff.
A “fringe benefit” is a benefit to your staff by something other than a cash (salary) payment. Your employees get the “fringe benefit” tax free. However, the employers generally pay tax on that “benefit”. Careful planning can stop this happening to your staff Christmas Party.
Keep expenditure below $300 per person.
Keep the Christmas Party as a “one off”. The Christmas Party needs to be “minor, infrequent and irregular” to avoid Fringe Benefit Tax (FBT).
What about a nice gift to the staff members? Traditionally, the cost of the party and the gift were added together. Now you can give a $300 Christmas gift and spend $330 per person for the Christmas Party. Up to $600 in general. FBT is not payable on either.
$300 not enough? If you want to spend more then on the Christmas Party then have it on a working day at your office. FBT is then not payable.
For our Platinum Members that paid $99 to upgrade, I have put how these rules work in more detail in our Bulletin Bookshelf.
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