Getting closer now, “…only two sleep to go”, said the big kid – me!
Just a quick reminder that you can claim a tax deduction for Christmas gifts for yourself, your spouse and kids (or other “rellies” too for that matter) if they are employed in your business.
Unfortunately, this tax deduction doesn’t apply to sole traders or individual partners in partnerships as they cannot be employees.
Refer to our earlier blog post this month (the 1st day of Christmas post) where the gift has to be less than $300 i.e. $299.
So not only will you be able to buy something you actually need (boys go to Bunnings, girls go to Cotton On, kids – well a gift card allows you to get what you actually want) but the tax man allows you to claim it as a tax deduction too!
WARNING WILL ROBINSON! – as long as there is an employment arrangement and all of the relevant paperwork completed (we must dot the “i’s” and cross the ‘t’s”) employment declarations, record of hours worked, payslips, relevant super choice forms and workcover notifications made.
We can discuss this in more detail if you like – just message us – firstname.lastname@example.org
Have a great day!