Tuesday, December 15, 2009

Last Tuesdayitis for 2009...

This morning I attended the last Tuesdayitis breakfast meeting with my Wynnum & Districts Chamber of Commerce comrades. As usual, we convened at the Wynnum Plaza, and this morning we enjoyed special Christmas treats provided by Heather & Les of Michel's Patisserie, as well as handing out our Secret Santa gifts (we used a raffle system...lot's of fun, particularly when a couple of us decided to nick someone else's gift!).

It has been such an honor to be welcomed into this very special group of people this year. I know Advanced Bookkeeping and Consulting wouldn't be where it is today were it not for the helpful insights and support they have given us.

So, once again my friends...thank you very much...and a Merry Merry Christmas!!

~The Tuesdayitis Group~

~Secret Santa Raffle antics~

~Sampling our Christmas treats and coffee at Michels Patisserie~

~Lorraine McKay from Ink Jet & Laser with her Secret Santa Gift (which was later "stolen" by Michael from Wynnum Plaza!)~


Monday, December 14, 2009

Entertainment Expenses...

This is just a reminder of a few things to be aware of, which are even more relevant at this time of year with all of the parties and presents....

"Entertainment Expenses" can be a tricky thing to figure out. They almost have to be judged on a case by case basis, but it's worth thinking about because in many circumstances, input tax credits on these items cannot be claimed, are not tax deductible and some may attract Fringe Benefits Tax.

While we are not in the business of providing tax advice, here are some general rules and things to consider:

  • As a general rule, input tax credits cannot be claimed for Entertainment Expenses, and are not tax deductible.
  • Entertainment Expenses are the cost of providing entertainment with food or drink or providing recreation, accommodation or travel in connection with the entertainment. E.g. business lunches, parties, tickets to sporting events.
  • Not all food and drink is classed as "entertainment". Generally, if it is for the purpose of providing refreshment, for example, during a meeting or training session, it will not be classed as entertainment. Such as tea and coffee and light sandwiches. However, lunch at a restaurant during a business meeting is more likely to be "entertainment".
  • If providing Christmas presents or putting on a Christmas party for clients, employees and perhaps their partners, the treatment of these differs for each group and can depend on the cost per person.

Given the ambiguity of this type of expense, it is worth discussing with your Tax Advisor.

When we prepare your BAS we will ask you a few relevant questions to be sure input tax credits are claimed in the correct way.

Until next time...
Leesa & Samantha

Wednesday, December 2, 2009


I attended another networking function this morning, and despite the particularly cool breeze gusting in off the beautiful bay near where I live, I was reminded of why I feel particularly special as a local business owner. The camaraderie between all of those who attended "The Kitchen Table Network- Wynnum Chapter" this morning was obvious, as well as inspiring and, well, fulfilling.

Of very recent times I have expressed to many people close to me of the wonderful feeling you get from really feeling like part of the local business community. It's like you feel more connected with those around you. It's truly amazing. And something quite unexpected.

Starting a small business has had many pluses...this is just one of them I thought I would share with you.

Talk to you soon.