November 2012

Hope you managed to back a winner in last week's Melbourne Cup. Some of us ventured down to Callaghan Park this year to enjoy the Cup festivities, and a great day was had by all - check out some of the photos. Congrats to our Office Manager Kyla who managed to pick the winner!

Don't forget September Quarter Activity Statements are due this month and November Monthly Activity Statements are due 21 December - click here for upcoming due dates.

Ho Ho Ho.....Christmas is now less than 6 weeks away. Are you planning end of year drinks this festive season? In this issue our feature article will look at Fringe Benefits implications for your workplace Christmas parties and what you can do to avoid the FBT Grinch.

Don't forget to register for our Secure Client Area and if you are interested in featuring as our Business of the Month, please give us a call.

Feature Article - Beating the FBT Grinch this Christmas

Planning a Christmas Party??? End of year drinks are a festive tradition in many businesses, but the annual workplace Christmas party could cost you in dreaded fringe benefits tax. There are ways businesses can avoid the FBT Grinch.

Having your party on the business premises, during work hours and with only current staff members would result in the benefit being exempt from FBT. Many of you would be thinking where's the fun in that? With many workplace Christmas parties held outside work hours, off the premises, and with partners invited, these factors can lead to fringe benefits tax. But, if you keep the cost to less than $300.00 per person attending, this benefit is exempt from FBT under the minor benefits rules. Therefore, if an employee and their Partner attends the Christmas Party, the combined value is $600.00 before FBT applies.

Another area of interest is the FBT implications of the cost of gifts to staff members. Again the minor benefit rules apply, and if the value of the gift is less than $300.00, no FBT applies, even if the gift is given to employees at the Christmas party.

Another issue to be aware of is that the costs of providing a Christmas party are only deductible to the extent that they are subject to FBT. This means where benefits are treated as minor fringe benefits, no tax deduction is available.

Give us a call if you are concerned about the impact of fringe benefits tax on your work Christmas party. For more information on FBT, check out this month's podcast.

Business of the month

Our November business of the month is Daniels Chiropractic. Dr Nick Daniels gradutated from Macquarie University in Sydney in 1999, and was awarded the prize for the best adjuster in his year. Dr Nick's patients have included Australian champion weightlifters, triathletes, NRL players and everyone in between. Dr Nick's modern, gentle techniques are suited to all ages from the newborn through to the elderly.

Dr Nick has is offering our valued clients a complimentary initial consultation valued at $85.00. This includes a full new client consultation, physical examination, postural assessment and orthopaedic testing. Xrays, if required, will be bulk billed. This is an obligation free appointment and bookings are essential. Phone Daniels Chiropractic on 49228003. Visit them online at www.danielschiro.com.au

Introducing the latest member of our team

Meet the latest member of the Maxcam Team, Wayne Phillips. Wayne has a Diploma of Accounting and more than 25 years experience in the public accounting arena. Wayne has lived in the Central Queensland region for the last 18 months after moving from Western Australia. His wealth of expertise includes tax, cash flow budgets and taxation planning.

www.maxcamaccountants.com.au

Upcoming Office Closures

Please note our office will be closed over the Christmas/New Year period from 1.00pm Friday 21 December and will re-open at 8.30am Monday 7 January 2013. We hope everyone gets to enjoy a relaxing break during the festive period.

ATO data matching program for Motor Vehicles

What is the new Schoolkids Bonus?

Changes to the Net Medical Expenses Tax Offset

To register for our secure area Client Login, click here.

You can keep up to date with important accounting and business dates and deadlines. More...

The Tax Facts section where you can learn more about tax requirements within Australia. More... 

Try out our new online calculators. More... 

You can also organise an appointment with one of our staff via our special online appointment form. This is particularly useful if you struggle to find the time during normal business hours to phone. Click here to book an appointment.