Christmas Party Deductions

With summer and Christmas celebrations well under way, you may plan a party or a day on the green with your employees. Before you fire up the BBQ, consider your celebration’s fringe benefits tax (FBT) implications.

Fringe Benefits Tax (FBT) applies when an employer provides benefits to an employee other than their regular salary or wage. The circumstances that determine an FBT event include:

the amount you spend on each employee
when and where your party is held
who attends – is it just employees, partners, clients, or suppliers also invited?
the value and type of gifts you provide.

The key here is to know your limits, keeping in mind that the $300 “minor and infrequent” benefit threshold for FBT is the key to your Christmas party and gifts remaining tax-free. Note that the $300 threshold applies to each benefit provided, not to the total value of the associated benefit.

If you have any further questions, feel free to get in touch with our office.

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