CHRISTMAS PARTIES

• Christmas party held on the business premises
• Christmas party held off the business premises
• Christmas gifts

GIFTS AND DONATIONS

Organisations that are entitled to receive tax deductible gifts are called ‘deductible gift recipients’ (DGRs). You can only claim a tax deduction for gifts or donations to organisations that have a DGR.

Deductions for gifts are claimed by the person that makes the gift (the donor).

To claim a tax deduction for a gift, it must meet four conditions:………..

PERSONAL USE ASSETS

Personal use assets are CGT assets, other than collectables, used or kept mainly for the personal use or enjoyment of you or your associates. Any personal use asset you acquired for less than $10,000 is disregarded for CGT purposes.