The silly season is almost upon us! The decorations are going up, carols are playing and everyone is wondering whether you are on the naughty or nice list this year.
Businesses around Australia are gearing up for the annual end of year celebration with their staff. Whilst it is nice to share the spoils with your team at this time of year, the cost of the celebrations don’t have to end up in a tax hangover.
A recent article in “Smart Company” outlines how to save you from having an unwelcome festive tax bill.
You can read the article here in it’s entirety – “Ho, ho, ho! Top tips for keeping the taxman happy this Christmas”.
I admit it, the rules around Christmas parties for tax purposes are complex when all you want to do is share some joy and happiness.
But when in doubt, seek advice from your accountant to ensure that you have a “tax free” Christmas.
And leave the worry to the HR departments this Christmas!
Michael Risoli
