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On this episode of The nestegg Podcast, host Maja Garaca Djurdjevic and three experts discuss the ups and downs of online auctions, the power of activist short-sellers, and tax time 2021.

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Steve Waters, director of Right Property Group, chats about online auctions and why they resemble “a bad Zoom meeting”, the growing resilience of the property market, and how Sydney’s lengthy lockdown could shake things up.

RMIT’s senior lecturer of finance, Dr Angel Zhong, delves into short selling – the original trade that sent GameStop stock soaring – and how activist short-sellers are impacting markets.

And lastly, tax and super guru Timothy Munro talks about those early tax lodgers and possible ramifications, as well as detailing the temporary shortcut method, which you may be able to use this tax time.

Have a question for our experts? Get in touch at [email protected] and you might get featured on the next episode.

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Do lockdowns boost property prices? Are short-sellers levelling the playing fiel...

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There is $17.5 billion in lost and unclaimed super across ...

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How can I minimise my Christmas tax burden?

By Daryl Jones, HLB Mann Judd

December 13 2016
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Save

How can I minimise my Christmas tax burden?

By Daryl Jones, HLB Mann Judd
December 13 2016

While Santa Claus is making his rounds during the festive season, don’t forget that so is the taxman.

How can I minimise my Christmas tax burden?

By Daryl Jones, HLB Mann Judd

December 13 2016
Share

While Santa Claus is making his rounds during the festive season, don’t forget that so is the taxman.

Hosting an office or client Christmas party requires planning and it is important to understand the fringe benefits tax (FBT) implications. Appropriate planning may eliminate the FBT burden entirely.

Business premises

If Christmas parties are held on the business premises on a normal work day, expenses such as food and drinks are exempt from FBT, regardless of the amount. However, no income tax deduction is available for such expenses nor are GST input credits allowable.

If family members of employees attend and the total cost (per family) is under $300, again FBT will not apply, and no tax deduction and GST input tax credits will be allowable.

If the total cost per family is above $300, FBT will apply. However, an income tax deduction and GST input tax credits will be allowable.

FBT exemption

Under the FBT legislation, a minor benefit exemption is available if the benefit provided is less than $300 per employee and is provided on an irregular basis. The hosting of a Christmas party is considered an irregular event and, as long as the cost per employee is below $300, the minor benefit exemption can be used to eliminate any FBT implications.

Clients

There are no FBT implications on the portion of expenses that relate to clients, regardless of the location of the Christmas party. As such, no income tax deduction and no GST input tax credits can be claimed for the client’s portion of the Christmas party expenses.

Christmas gifts

Many employers like to give gifts to their employees during the festive season, but these may attract FBT depending on whether they qualify as entertainment or non-entertainment gifts.

Entertainment gifts include items such as tickets to live concerts and movies. Non-entertainment gifts include gift hampers, vouchers, flowers and bottles of wine.

Daryl Jones, senior tax consultant, HLB Mann Judd Brisbane

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