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).The nature of the business is Investment consultancy and under an agreement, food or drink is provided by the company for sustenance and consumed by current employees, on the business premises cafeteria, on a working day, during working hours. 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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The link you're providing is for Fringe benefits tax which is different to working out if you can claim a business deduction for food and drink. We'd need to know more because entertainment expenses or meals like lunch aren't eligible tax deductions.
You can provide all your info to us via tailored technical assistance to consider.
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The link you're providing is for Fringe benefits tax which is different to working out if you can claim a business deduction for food and drink. We'd need to know more because entertainment expenses or meals like lunch aren't eligible tax deductions.
You can provide all your info to us via tailored technical assistance to consider.
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