We’re a 5 member family small business with an annual income of around $75K exempt of GST. We’re currently spending around $41K in food per year that translates into around $32 per person, per working day and during work hours (5 days a week). Based on my research on the ATO website https://www.ato.gov.au/businesses-and-organisations/hiring-and-paying-your-workers/fringe-benefits-tax/types-of-fringe-benefits/entertainment-related-fringe-benefits/exempt-entertainment-benefits-for-business mentioning $50 per person, per meal, I conclude that my current expenses are reasonable and fully deductible as a business expense?
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3 replies