Tax Savings Strategy 191 | Pets in the Workplace
This strategy makes private pet ownership costs tax deductible (under certain circumstances). Having pets in the workplace involves the employer acquiring pets for the workplace (whether an office, factory or warehouse).
The pets could be the standard, cat, dog, fish, ferret, bird, snake, or any other pet really. The business benefits of pets in the workplace include improved employee morale, reduced stress, better employee interactions, higher employee motivation and engagement, and improved culture.
The workplace pet’s food, vet, insurance, grooming and other costs will be tax deductible.
Similar posts you may like
- Tax Planning Strategy 162 | Endorsement Income
Most forms of income earned by professional sportspeople is personal services income (PSI) and is assessed to the sportsperson individually. This includes salary, competition Read more
- Fraud Using Tax Havens
Many frauds involve using tax havens, as their confidentiality and secrecy aid fraudsters. In law, fraud is the deliberate deception to secure unfair or Read more
- Reduce tax on holiday travel by 50% for overseas employees
This tax strategy only applies to overseas employees working in Australia, and Australian residents working overseas. Under the FBT legislation the taxable value of Read more
- Tax Savings Strategy 212 | Pass the $6m Test (to access Small Business CGT Concessions)
If your business has a turnover greater than $2 million then to qualify for the small business CGT concessions (and potentially pay no tax Read more
"You’d be stupid not to try to cut your tax bill and those that don’t are stupid in business"
- Bono: U2