#Everyoneneedsaplan when accounting for the work Christmas party!

The End of Year Christmas Party - do you know if FBT is applicable and how to account for it?

You may need to allow for Fringe Benefit Tax (FBT) when throwing that end of year Christmas Party and not just treat the cost as a business expense.

Points to consider to determine if FBT is applicable:

•     Who is attending the Christmas party (e.g. clients; employees; suppliers; employee's partners);
•     Where is the party being held (e.g. at your work premises; in a function room/bar/restaurant);
•     When is the party being held (parties on a normal work day are treated differently to parties outside of normal work hours).

Here is a link for further information on how to account for FBT on Christmas parties.

Don't worry though - if you are a MCKFS Total Service Client you won't need to worry - we'll do it all for you!