KEY DATES

21 November 2011
October Monthly Activity Statement due for lodgement and payment
25 November 2011
Sept Quarterly Business Activity Statements via electronic lodgement due for lodgment and payment
1 December 2011
Payment of tax for large and medium companies and superfunds. Payment of tax for entities with returns due on 31 October 2011

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CHRISTMAS FUNCTIONS – FBT EXEMPTIONS

With the festive season fast approaching, it may be useful to keep in mind that the FBT minor benefits exemption threshold is $300. This means that an employer can spend up to $300 on each employee and their spouse for the Christmas Function, as well as a further $300 each on a Christmas gift, without incurring any FBT liability.

Note, however that the exemption only applies to employers who adopt the actual method of accounting for entertainment expenditure for the FBT year.

If you would like additional information on FBT exemptions contact any one of our offices at Parramatta, Sydney or Penrith, click here for contact information

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