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Entertainment expenses - gifts of food and drink 

The entertainment expense rules limit tax deductions for certain types of expenses to 50% of the cost.

One type of expense covered is the expense of providing food and drink off business premises.

This means that spending on things like chocolates or a bottle of wine to give as gifts to customers, clients or suppliers for example, is only 50% deductible.

If the items are purchased as a gift basket or together with other items that aren't food and drink, the expense must be apportioned between fully deductible and not fully deductible.

Reminders

7 October

2015 Fringe benefit shareholder/employee income year tax return (IR421) due if you have a November balance date and don't have a tax agent with a valid extension of time.


20 October

Employer returns and payment due for the period ending 30 September 2016 (if you have less than $500,000 PAYE a year). Fringe benefit tax quarterly return (IR420) is due for the quarter ending 30 September 2016.

28 October

GST return and payment due for the period ending 30 September 2016.

Note

If a due date falls on a weekend, public holiday or provincial anniversary day, we can receive your return and payment on the next working day without a penalty being applied.


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