logo
spacer
spacer

 eWombat Search 
>
spacer spacer spacer
Latest Accounting News
Hot Issues
ATO dispels top tax time myths to clients as clampdown rolls out
Tools for budgeting, cash flow, Super and more ….
Guidance for SMSFs on transfer balance reporting
ATO issues alert on super, tax scams
Salary sacrifice integrity
Understanding the evolution of blockchain and cryptocurrencies
Update to Australia's vital statistics
Tax Time Checklists- Individual, Company, Trust, Partnership and Super Funds
SMSFs - Our 'hardest' jobs
Tax Office reveals adventurous, dubious claims ahead of tax time
ATO reveals top tax time mistakes, set to contact 1 million taxpayers
Watch out for charges with incoming GST laws.
Super savings gap for women stuck at 30%
‘Wipe the slate clean’: Clients, accountants urged to use new amnesty period
Statistics for all Australians
Touch Payroll (STP)
‘Calm before the storm’: Government proposes 12-month SG amnesty
Government intensifies cash payments crackdown - Kelly O'Dwyer
Passive investment companies tax rate still 30%
Cryptocurrency audits tipped to increase this EOFY
Australia by numbers – Update
$2.4m lost to tax scams, ACCC reports
No GST on digital currency
Federal Budget 2018 - Overview
Your Budget
4 components of our 2018 Federal Budget
Resources to help understand and implement Single Touch Payroll (STP)
New rules capture SMSFs trading big with cryptocurrency
New passive income test for lower corporate tax rate
Articles archive
Quarter 2 April - June 2018
Quarter 1 January - March 2018
Quarter 4 October - December 2017
Quarter 3 July - September 2017
Quarter 2 April - June 2017
Quarter 1 January - March 2017
Quarter 4 October - December 2016
Quarter 3 July - September 2016
Quarter 2 April - June 2016
Quarter 1 January - March 2016
Quarter 4 October - December 2015
Quarter 3 July - September 2015
Quarter 2 April - June 2015
Quarter 1 January - March 2015
Quarter 4 October - December 2014
Quarter 1 of 2015
Articles
ATO states estimates are acceptable
Hockey considers super access for first time home buyers
Reportable Fringe Benefit Amount - Employer Reporting
Simple Mistake on Share Transfer
ATO highlights billions in forgotten super
In a bankruptcy what does a trustee do?
Bankruptcies, what are they?
SMSF trustees unprepared for new collectibles rules
We wish all our clients a Merry Christmas, a Happy New Year and a restful holiday
Employee Christmas Parties and Gifts – Any FBT?
Breaking down the latest ATO determination on TRIS
Employee Christmas Parties and Gifts – Any FBT?

 

The Christmas break-up party and/or gifts to employees can be exempt from Fringe Benefits if a few rules are followed.



                   


 


Whilst changes occurred during 2010 to vehicle benefits and Living Away from Home benefits, these changes do not effect the typical benefits provided at Christmas.  The rules which are consistent with 2011 are briefly:-


The cost can be exempt as an exempt property benefit or an exempt minor benefit.


Exempt Property Benefits


  • Costs like food and drinks for employees as part of a Christmas party, provided on a working day on business premises and consumed by current employees of that business.

Exempt Minor Benefits


Rule can apply when the property benefits exemption doesn’t apply, because the party is held at a restaurant or separate venue.


  • Cost per employee must be less than $300 (GST inclusive)
  • Associates of employees such as spouses and children are regarded as employees (hence the limit for an employee and partner would be $300 each)

Gifts are also considered separately from the Christmas party, so provided the cost of a gift and the party are each less than $300, then both would be exempt from FBT.


The minor benefits threshold of less than $300 applies to each benefit provided, not to the total value of all associated benefits.


 


 


 


 


 




2nd-January-2015