Everyone loves to be generous at Christmastime, right? You want to show appreciation for your clients, staff and friends. This can often mean gifts, occasions, parties and events. We know we love to spoil our accountant Gold Coast team!
Without dampening your Christmas spirit, it is important to be aware of any common Christmas expenses you can claim.
Bear this in mind when planning your next lavish Christmas occasion!
Work out your tax deductions on expenses:
One important issue to understand is the possible fringe benefit and income taxes that arise when providing entertainment to staff and clients.
It is really important that you are aware of country-specific tax rules. Check with your accountant or tax department.
Ask them about:
- GST claims
These can all be potentially allocated to the following expenses:
- Gifts to clients
- Christmas parties
- Client entertainment
- Gifts to staff
- Gifts of food and wine
- Cash bonuses
Accountants for Business Needs:
Investing in your people and work culture is invaluable. We are here to provide helpful advice on how to do so to maximise your ability to claim any common expenses.
We pride ourselves on delivering the right advice for you and your business! We want to equip you with everything you need to make the best decisions for your financial present and future.
We know that money doesn’t grow on trees. We don’t hide our fees – what you see is what you get. We do not charge by the hour, which means that we’re available to help you, for as long as you need us, whenever you need us. Visit our services page to get an instant quote on our accounting packages.
Here at Oculus, we love to celebrate without blowing a hole in our budget or long term financial plans. Our amazing accountant Gold Coast team can’t wait to help out.
Give us a call on 5536 3755 to discuss creative solutions today!