A small nudge before the FBT year ends
The FBT year finishes on 31 March.
Before sending through your information, it’s worth taking a moment to nudge a few things into shape.
One area that often creates confusion is how items like meals, events, tickets and gifts are coded in your accounts.
Small details here can make a meaningful difference to the FBT outcome.
Where things commonly go off track
We often see items like these coded inconsistently:
• client lunches or drinks
• golf days or team events
• sporting tickets or corporate boxes
• staff or client gifts
• meals while travelling for work
The treatment of these can vary depending on the nature of the expense, who attended, and the purpose of the event.
Capturing those details upfront - and allocating them correctly - helps ensure you aren’t paying tax on things you shouldn’t be.
A simple way to get ahead
We’ve put together a short guide to help you quickly review your accounts before sending through your FBT information.
It covers:
• how to classify meals, activities and hospitality
• where gifts and travel typically sit
• the small details that help determine the FBT outcome.
The takeaway
Often it’s not the expense itself that matters most — it’s the context around it.
Taking a few minutes now to review these items can make the FBT process smoother and may help minimise the administrative burden of FBT time.
A few minutes reviewing this now can save a lot of back-and-forth later.
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The articles, templates, and media posted on this blog do not give business, accounting, taxation or financial planning advice and should not be relied upon as such. The articles are intended to provide information in a summary form and are general in nature. Formal business, accounting, taxation or financial planning advice should be sought in particular matters. Nudge Accountants Pty Ltd accepts no liability in respect of this information and any person acting solely on the information contained within does so entirely at their own risk.