What are some of the ways you can reward your team with vouchers etc, and you can claim, which are tax deductible, and do not incur Fringe Benefits Tax.
Vouchers
You can give your team vouchers, on an irregular and ad hoc basis, up to a value of $299. However, the vouchers will need to be at different times of the year, e.g. birthdays, Easter, Christmas, or their values will be added together, pushing them above
the $299 threshold. You can diversify the vouchers by giving Coles/Myer group vouchers, hamper gift baskets, wine, perfume, massage vouchers, etc.
Please note that entertainment vouchers, such as AFL tickets, cinema vouchers, Fringe Shows, dinners or lunches will not be deductible.
Add ons
Portable electronic devices that are mainly used for work purposes are also exempt from FBT. The exemption applies to one item per FBT year for items with identical functions (however, this limit does not apply if your turnover is less than $50 million per year).
For example, if you have your team take photos and upload to Instagram, TikTok (all social media), and the laptop is also used for these purposes, then this is a claimable deduction and does not incur Fringe Benefits Tax.
Trust
If you want to find out more about this, we have a wonderful Accountant, who we have entrusted our business for the last 11 years. Y Partners, 8/185-191 Victoria Square, Adelaide. SA 5000 Please call and ask to speak with Ben or Reece on (08) 81106400
PLEASE NOTE THAT THIS IS GENERAL ADVICE FROM Y PARTNERS, IN ADELAIDE, HOWEVER, THE LAW IS SUBJECT TO CHANGE. WE DO RECOMMEND THAT YOU RECEIVE ADVICE FROM YOUR ACCOUNTANT
