My accountant tells me I am able to give up to $299 in (non-entertainment) gift vouchers to company employees (i.e. me + wife) up to maybe half a dozen times a year, FBT tax free, for special events like birthdays, xmas, end of year "thankyou" etc. It's usually in the form of a "gift voucher": http://myob.com.au/blog/giving-tax-deductible-fbt-free-christmas-gifts/ Got me thinking if there are any gift vouchers that would be suitable for buying PM's? (we don't need more crap). Perhaps a shopping centre gift card that can be spent in a coin shop? Or maybe collectable coins in themselves can be the gift? Has anyone done this with their business?
What a coincidence indeed! Maybe all the shops should have such an option and explain and link to the tax rules surrounding this? Seems like a very nice way to legitimately take some money out of your business tax free. You have to be a Pty Ltd though, this does not apply to sole traders or partnerships.
You don't need to even work for me, non-entertainment gifts can be given to "clients" and "suppliers" too
My accountant as usual didn't want to stick his neck out and state categorically yes, that coins can be bought as "minor benefit" gifts, but didn't say no either, just that they have to be gifts under $300. So I deem coins to be "minor benefit" gifts I'm going to buy all my employees on an ad-hock basis throughout the year, maybe at half a dozen major events, no gift voucher needed. I'm a generous guy! So now, what is the best "gift" under $300 including postage in the PM category?
Wondering if unallocated might qualify. If so the giftee could accumulate the gifts then redeem for larger coins or bars rather than small individual buys with higher premiums.
Possibly, if you transferred that amount and registered the transaction as such. But then it might be a bit hard to explain to the tax man if questioned, as it's not a physical gift, it's basically a direct deposit monetary gift?
Are gifts of coles/kmart/bunnings cards allowed as gifts? If so you could argue unallocated the same. Giftee accumulates cards then buys a large item with several of them. Company can pay (gift) any extra premiums when redeemed so you could argue its a physical not monetary gift. Disclaimer: I have nfi.
Eftpos gift cards can be turned into pm or foreign currency very easily...... I love $299 eftpos gift cards
Interesting. Obviously they don't know about the $300 rule for employee tax deductions. I think there is a market opportunity there is they explained it to people.
Well these are for anyone, not necessarily their own employees but if you wanted to purchase some for your employee's (wife etc) these are the bullion gift vouchers straight up, but just do the $250 ones to stay under the threshold.
