Show your love (on the Tax Man) this Valentine’s Day!

Hello Chasers,

In the words of a famous John Paul Young song – ‘Love is in the Air’!

Let’s face it, Valentine’s Day can put a strain on the wallet. Chocolates, flowers, fancy dinners – it all adds up. 

But what if I told you there was a way to shower your loved ones (including employees and customers!) with affection and reduce your tax bill?

Introducing the magic of tax-deductible Valentine’s Day gifts!

That’s right, under the “non-entertainment” gift rule in the Fringe Benefits Tax legislation, you can claim a tax deduction on gifts up to $300 per person. 

This applies to employees, clients, suppliers, and of course, your special someone (if they are also an employee) and you too!

But wait, there’s more!

No FBT applies for gifts under $300, meaning you save even more.

The $300 limit doesn’t apply to customers and suppliers, so let your generosity flow!

‘Non-entertainment’ gifts are the key. Think gift vouchers, hampers, flowers, beauty products, or even a nice bottle of wine (for after work, of course).

Entertainment gifts are a no-no for tax deductions. So, skip the concert tickets and the weekend getaway (although, those are still great ideas for date night – just not tax deductible!).

Remember: Keep your receipts and ensure the gifts are “infrequent” to maximise your tax benefit.

So, this Valentine’s Day, spread the love and spread the tax savings! 

You’ll be thanking Cupid (and the Ceebeks Team) later.

Bonus tip: Get creative! A personalised gift basket filled with goodies or a donation to their favourite charity in their name can be both thoughtful and tax- deductible.

Happy Valentine’s Day for tomorrow.

Have a great day!

Read more of our daily blogs for valuable insights and stay up-to-date with the latest industry news – click here to access the full article on our blog page.

Share This

Related Posts

4 Min Read

Claiming 2024 Working from Home Expenses

Hello Chasers, If you have been working from home this financial year, you will probably have some work- related expenses to claim. There are now two ways to calculate a work from home deduction: fixed rate…
Read Full Article
4 Min Read

How to Wow!

Hello Chasers, If you have been following our business development blog theme (Creating Consistent Cashflow) this quarter, we are now going to focus on a very important and often neglected aspect of business. And that is…
Read Full Article