Tax might not be high on the list of things you’re thinking about as Christmas approaches. But Christmas will be here in a moment, and many employers will be thinking about recognising their team’s efforts throughout the year. You may already have plans in place, but have you thought about how to manage tax and Christmas gift-giving? Especially FBT on your staff Christmas gifts and work party.
Feel free to celebrate, but make sure you don’t get stung with unexpected taxes. FBT and associated income tax and GST pitfalls are the big ones to watch out for.