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The Festive season is upon us! A time of celebration and giving of gifts!
As a Business, an Employer you might be planning a Christmas party and the giving of gifts to employees and Business Associates.
There are associated costs, and you might not be sure what falls under the ATO Rules. Here are some helpful tips.
Christmas Parties and Gifts
If your business holds a Christmas party:
- on a working day, on your business premises, and only for your current employees, you don’t pay fringe benefits tax (FBT) for the food and drink
- off your business premises, or the party includes associates of employees (such as their partners), you don't pay FBT if the party is a minor benefit – that is, the cost for each person is less than $300 and it would be considered unreasonable to treat it as a fringe benefit
- that includes clients, you don't pay FBT for the costs relating to the clients.
If you give your employees a Christmas gift, you don't pay FBT if the value of the gift is less than $300 per person and it would be considered unreasonable to treat it as a fringe benefit.
If the Christmas party is not subject to FBT, you can't claim income tax deductions for the cost of the party.
Have questions, want guidance or assistance contact Blackburn Accounting.
We can help you with tax matters, decorations and gifting of gifts.
Who can forget the stories about last years 'silly' season misadventures. And here we go again the season is upon us.
Do you want to avoid such mishaps?
Read our Tips! How to survive and enjoy the festivities without embarrassing yourself or others!
It starts by being wise, remembering what is in good taste, that ‘normal’ standards of behaviour still apply and by doing everything in moderation you can make it a happy memorable time. Adopt these principles at all functions, whether under the mistletoe or on the dance floor, or at the ‘free’ bar.
Social gatherings, get togethers with family, friends or in the Workplace following these words of wisdom will help keep you and your colleagues in a merry but safe place. Have fun, celebrate without regret, remorse or loss of reputation.
6 Top Tips:
- Set the scene and mood by taking responsibility for your actions and words.
- Avoid starting the occasion with early alcoholic ‘shots’ and over embracing the party spirit. That can take you on a path of self-destruction.
Are you losing the art of connecting with meaning and feeling!
With our communications predominately driven by technology now more than ever, is there a need for connecting effectively?
Connecting! It's more than clicking a button!
And in a time when we are experiencing challenges every day, many testing our capabilities and vulnerabilities, meaningful connections are vital. It’s all about feelings, and when under continual pressure, it is easy to feel alone, disjointed and isolated. To overcome this, we need to connect and share experiences with others. Importantly, understand the power of meaningful connections, what, why and how they enhance our lives!
Meaningful connections impact our mental and emotional well-being. This is about our need for human connection, a sense of belonging, connection and happiness that underpins our mental health and well-being.
4 Features of a meaningful connection are!
- Going beyond the scripted dialogue, trivial talk. It’s about having authentic conversations, being genuine by sharing our stories and experiences. It's about putting in the effort to build and improve relationships, our willingness to be involved, ’show up’ and engaging with empathy. These are the ingredients for better connections.
- Listening, actively listening is the key to authentic connections. Hear what others have to say, their opinions. Paying attention and being prepared to acknowledge others' points of view and beliefs and being respectful and understanding of our differences.
Building Better Business
Unlocking Success – How to Get the Best Results for Your Business And don’t we all want that?
If you’re not achieving the results you want our BBB is a must attend!
This is your opportunity to
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Session dates 2024: ‘Setting the Stage for Success’
Thursday 8 February
5.30pm to 7.30pm
Venue 931 Albany Hwy East Victoria Park
Tuesday 13 February
5.30pm to 7.30pm
Venue 931 Albany Hwy East Victoria Park
Friday 16 February
9.30am to 11.30am Perth WA
ONLINE Zoom
Here is what you will learn from the Session:
- Understand the crucial elements to Realise a Better Business
- Identify the key roadblocks that are holding you back
- Develop clear direction and how to do it
1 day Workshop: 'Unlocking Success – How to Get the Best Results for Your Business'
Friday 1 March
10am to 3pm
Venue 931 Albany Hwy East Victoria Park
Here is what you will learn from the Workshop:
- Crafting a solid Business Strategy that drives results
- Defining target audience and tailoring your offerings to meet their needs
- Implementing effective Marketing Strategies to reach and engage Customers
- Engage in activities and receive valuable related material
To book your place, Click our link
https://workshop.blackburnaccounting.com.au/
The Silly Season – Coming soon!
For many this is the leadup period to Christmas festive celebrations. A time of shopping for presents, including choosing for those hard to buy for family members, gift wrapping, get togethers, summer holidays and keeping a diary of celebratory events to attend, including the ‘office’ party! It can become fast-paced with this frenzy of activities. Sometimes we throw caution to the wind, let our hair down and our inhibitions as we try and keep up!
BUT we can all enjoy the ‘silly-season’ with a little careful thought, planning and preparation.
Here are our 7 Helpful Hints:
- Avoid going into overdrive. Take each day and step at a time to avoid ‘silly’ fatigue! Don’t try and pack everything into this short period.
- Everything in moderation. Food, drink and frivolity, celebrate and enjoy each without going overboard! Over indulgence has after affects!
- Remember what the true spirit of Christmas is about. Togetherness, sharing, caring, reflection and kindness for self and others.
- Enjoy yourself and the company of others. Stay responsible to avoid regret, remorse or revival later. Whether Family or Workplace functions ‘normal’ standards of behaviour still apply.
- Don’t try and compete with the Jones’s or family when it comes to the decorations, presents, or feasts. The biggest, most expensive isn't necessarily the best, its the thought that counts..
- Debt hangover. To avoid this pain manage your finances now. Jot down your usual, likely expenses, budget for gifts and keep your credit card spending under control. Remember credit is easy to access, buy, have now but comes with the cost of paying later.
- Reach out, share a kind word, do a good deed, or wave to your neighbour. Simple things with no monetary cost.
Where did the term ‘silly season’ come from?
First recorded in 1861 in the Brewer’s Dictionary of Phrase, as in the UK the period in the summer months known for frivolous news stories in the media (source Wiki).
So here we are in 2023, counting down to Christmas, and the start of the ‘silly’ season.
Enjoy and I hope you find our Helpful Hints helpful! Ho ho ho!
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