Tax Savings Strategy 197 | Long Service Awards
Long service awards granted in recognition of 15 years or more service are tax deductible and FBT exempt, provided the value of the award doesn’t exceed the following specified amounts:
- $1,000 for 15 years’ service.
- Plus $100 per additional year of service.
Where the value of an award exceeds the relevant maximum value, no part of the award is exempt.
Similar posts you may like
- Domicile Captive Insurance Businesses
A captive insurance business is an insurance company that is wholly owned and controlled by the insured. The company’s objectives are to provide themselves Read more
- Andorra
Capital city: Andorra la Vella Currency: Euro (EUR) Read more
- Tax deductible holiday working spaces
Holiday working spaces are work spaces in holiday destinations. The working spaces can be located literally anywhere in the world; including your favourite beach, Read more
- Wealth in Tax Havens
Although there is no consensus on the number of tax havens in the world it’s estimated at over 150. Some of these tax havens 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