Your how-to guide for work Christmas parties – what’s deductible and what isn’t

The holiday season is well and truly upon us, bringing your work Christmas party with it.

Plenty of party expenses are claimable and can also be exempt from Fringe Benefits Tax, meaning that with some knowledge on your side, you’ll be feeling extra-cheerful this Christmas!

Here’s your pocket guide to the do’s and don’ts of work Christmas parties – so you stay out of trouble this silly season.

Activity Do or Don’t
Make out with your procurement manager under the mistletoe
Hold the staff Christmas party on a work day at the office
Buy your family’s Christmas presents with business funds
Spend thousands on your employees to really have a good time
Be reasonable and keep the combined Christmas and birthday gift spend on each employee under $300 (which let’s face it buys a lot of socks!)
Fly your employees to Bali for lunch
Fly your employees to Bali for Christmas hair braiding

At MWM Advisory we just celebrate Christmas with a trip to the pub, chicken parmies for the team and a slap on the pokies… then back to the office by 2pm! 😉

If you have any questions regarding your seasonal spend, please pick the phone up and we’ll talk everything through with you. That’s what we’re here for.

Yo-ho-ho!

For more information, please visit the ATO website here.

Celebrate the End of Financial Year with your team and ours

Celebrate the End of Financial Year with your team and ours

The End of Financial Year (EOFY) is upon us. For business owners, like you and I, there are many moving parts to be aware of. There are yearly financial statements to create, taxes to pay, deductions to claim, and documentation to submit to the ATO.

30 June is coming – what’s your game plan?

30 June is coming – what’s your game plan?

End of Financial Year Tax Planning. While Covid-19 and the uncertain business landscape it created made planning difficult, what we can say with certainty at MWM is that in our experience those who had a plan have navigated the past two years more successfully than those who didn’t.