Staff and travel costs - do you know what to claim?
By Kym Arnold
Did you know that if you buy your staff lunch at the office it may not be claimable? Or if you take a client out to dinner it’s not always a taxable business expense?
It can be tricky to navigate all the different scenarios and what should and should not be claimed. For this reason, we’ve developed a resource which helps us determine what we can claim when processing our clients’ transactions and as a business ourselves.
We’ve adapted our resource and want to share this with all of you, as a useful tool for our clients and local business owners. Below is a link to download and use this guide when processing your own business transactions.
Just a reminder while using this resource, while it may say GST is claimable, this is only applicable if what you purchase has GST on it. Particularly, when it comes to food items, as some are GST free. And while we have adapted it using the term “clients” you may use the term “customers”.
Lastly, and most importantly, this schedule is general in nature and does not consider or refer to any potential Fringe Benefits Tax (FBT) consequences. If you are registered for FBT (or should be registered for FBT) then your situation will be different and you should contact us for specific advice.
This tool is now available via the Resources tab on our website (head to the “Tax Checklists” section). We have plenty of helpful, free resources available so please don’t hesitate to check them out. If there are any other tools or specific resources you would like to see, please let us know and we’ll see what we can do!
Life at Lincolns
We've been working on something...
Our brand new video showcasing life at Lincolns is now live! Head over to our Youtube channel to check them out.
Shout out to Green Man Media for making our visions come to life, we couldn't be happier with how it turned out.
Gap is back!
The ‘Gap Year Student’ position at Lincolns is a fantastic opportunity for a student who would like to work for a year after completing Year 12 and before commencing studies at University or TAFE.
You don’t need to be pursuing a future career in accounting to be suitable for this role. We’ve had gap year students go on to study medicine, teaching, vet science, marketing and a whole range of other career paths.
This role can be in the form of a traineeship where you would complete a Certificate III in Business. This traineeship is undertaken during working hours.
Applications for the 2024 Gap year position are open now. Find out more.
A Coffee With… Colin and Robyn France
It is often quoted that music is a universal language, and this is a sentiment that Colin and Robyn France wholeheartedly agree with. Uptown Music has been in operation for close to 30 years, providing people all over Australia with everything from baby harps to electric guitars. We recently caught up with Colin and Robyn to chat all things music and operating a longstanding local business.