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Part 1 – Budget reminders. Under the Hood.
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Comprehensive list of COVID-19 initiatives and packages.
Businesses not meeting obligations warned as ATO restarts compliance programs
Employers cautioned over ‘hard and fast’ decline in turnover eligibility
‘Follow the spirt of the law’, warns ATO
$120m in JobKeeper clawed back by ATO, new compliance areas highlighted
Budget 2020 - A very comprehensive break down.
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Temporary home office expenses shortcut extended again
JobKeeper extension – changes implemented
JobKeeper Participants – are “workers”
Commissioner registers updated JobKeeper alternative tests
Varying Pay As You Go (PAYG) Instalments
Reminder of Medicare Levy Surcharge (MLS)
September update of latest COVID-19 initiatives.
ATO JobKeeper 2.0 guidance surfaces
Expats Return to Australia – Travel Expenses
Profession to be relied on for post-JobKeeper turnover certificates
Update of Superannuation contribution rules from July 1, 2020
Expats & COVID-19 Impacts on tax residency
Economic recovery could be slower than anticipated: RBA
High Court rules in favour of employers on personal leave accruals
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Articles
Employee Christmas Parties and Gifts – Any FBT?
Salary Sacrifice - An introduction
8 Financial Tips For Young Adults
Merry Christmas and Happy New Year
Age Pensions
Commonwealth Seniors Health Card
Failure to Provide Alternative Duties Does Not Amount To Disability Discrimination
Tips For Buying The Perfect Investment Property
Employee Christmas Parties and Gifts – Any FBT?
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The Christmas break-up party and/or gifts to employees can be exempt from Fringe Benefits if a few rules are followed.

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
  • 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.

 



16th-December-2010