Did you know you could be claiming the GST on your corporate gifts at tax time?
Any savvy business knows that investment into your corporate gifting strategy produces significant returns in terms of customer, client and staff retention, positive word of mouth marketing, brand loyalty and business growth. But many businesses are unaware that corporate gifting can also deliver tax benefits.
Of course, us folk here at Bindle are gifting experts, not tax experts, but this is what we know that you might like to take to your tax guy or gal in order to claim back the GST on your corporate gifts.
- Gifts must be under $300
- Gifts must not be seen as entertainment (eg amusements gifts such as leisure/activities, theatre/film/concert tickets, experiences)
In good news, gift hampers are an acceptable gift that are considered tax deductible and an excellent way to compliment your staff or service. With the end of financial year fast approaching, now is a good time to review your gifting strategy for the year ahead.
Gifting gives a good feeling and tax saving gives a great feeling. We have plenty of information on the importance of corporate gifting, and tips to consider to avoid gifting mishaps.
The Bindle team are on standby to answer any questions you may have. Contact the team at info@bindle.com.au or call the office on 03 8790 7707 to book your consultation.
To be certain your corporate gifting strategy qualifies for the GST saving, you can learn more on the ATO website or speak to your friendly tax professional.
