Topics for discussion for those working in the incentive travel and rewards segment
9/07/2010 3:02:45 PM
melanietk
Posts: 55
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Argh, tax! It's enough to make my head explode normally, but when adding the dreaded 'FBT' word in there... yikes. I had a long discussion with my accountant on the subject - I work in the entertainment industry where a significant portion of my outlay is spent on 'Benefit' items - riders, show tickets, food and alcohol, gift baskets, travel, tours, etc etc... Truth be told I sort of close my eyes, hand everything over to the accountant, and pay up what he tells me. lol....
We are a different kettle of fish when it comes to business operations. So many of event expenses and the type of functions held would fall neatly in the 125% bracket (is that still the rate? I don't know this year's rate) it would be nice for the policy makers in our industry to define the scope of what we do as legitimate business transactions rather than being what any other industry would call 'benefits'.
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8pod Internet Business Centre || MTK Promotions || A bit of everything (blog)
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4/06/2010 2:36:46 PM
bfoster
Administrator
Posts: 56
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Following a discussion with an event producer recently about the impact fringe benefits tax continues to have on staff parties, events, rewards, meetings and incentives, we thought it advisable to throw the whole debate over to the industry via this blog. The event producer I was talking to believed that many clients were requesting - and increasingly requesting - rates that kept them under the FBT threshold. So what's the story? Are you having similar experiences? What does FBT mean to your business? Is this a subject that should be brought to the attention of our learned leaders? Should our industry associations be our champions? What is the answer? Or are you happy with the status quo?
edited by bfoster on 4/06/2010
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