December 2023 Newsletter
A message from our Directors...
As we wrap up another remarkable year, we look back with gratitude and forward with anticipation, excited about the opportunities and successes that the upcoming year holds for each of you.
It has been a big year for our team at Milanese & Co with Samantha and Shavone joining Rob and myself as
Directors. Our whole team has achieved so much and we are truly thankful for their dedication and effort. As each year gets bigger and busier, it is amazing to see what our clients and team have achieved throughout the year.
We would like to take this opportunity to thank everyone for their ongoing support. It has been a pleasure working with you through the year, and we look forward to kicking goals together in the new year! We hope you all get to enjoy the Christmas & New Year holiday and wish you and your families a happy, safe and well earned break.
Here’s to an even better 2024.
Adam Taylor – Milanese & Co
Christmas Closure
Milanese & Co will be taking time to recuperate with our loved ones before embarking on the challenges that await us in 2024. Our office will be closed from 12:30pm on Thursday 21st December and re-open on Monday 8th January at 8:30am.
Unwrapping FBT: A Guide to Navigate Fringe Benefits Tax
It's time to turn our attention to Fringe Benefits Tax (FBT) matters. We want to ensure you are well-prepared to navigate the complexities of FBT and make informed decisions for a tax-savvy festive season.
Tip 1: Christmas Parties and Entertainment Expenses
The joy of a festive celebration can sometimes attract FBT. Be aware of the tax implications related to Christmas parties and entertainment expenses. Consider the venue, guest list, and any associated gifts to minimize FBT liabilities.
Tip 2: Gifts and Bonuses Considerations
If you're planning to reward your team with gifts or bonuses, understand the FBT implications. Some benefits may be exempt or subject to concessional treatment. Careful planning can help you recognize and reward your team while managing FBT effectively.
Tip 3: Tax-Smart Employee Gifts
Selecting tax-smart gifts for your employees can be a thoughtful way to celebrate the season. Gifts under $300 may be exempt from FBT, so choose presents that spread joy without adding unnecessary tax burdens.
Tip 4: Record-Keeping and Documentation
Proper documentation is key to FBT compliance. Ensure that all transactions, benefits, and expenses are accurately recorded. Keeping detailed records will make the FBT reporting process smoother and more accurate.
'Tis the Season for Smart Cash Flow Management
As the holiday season approaches, we understand that managing cash flow effectively becomes even more critical for businesses. We're here to help you navigate the festive season and ensure a prosperous start to the New Year.
1. Plan for Holiday Expenses
While spreading holiday cheer is important, it's equally vital to plan for increased expenses during the festive season. Consider creating a detailed budget that includes additional costs such as staff bonuses, holiday parties, and potential year-end expenses.
2. Monitor Accounts Receivable
Stay on top of your accounts receivable to ensure timely payments. With many businesses closing or operating on reduced hours, invoice processing might take longer. Consider sending friendly reminders to clients.
3. Inventory Management
Evaluate your inventory levels carefully. Avoid overstocking on items that may not sell during the holidays and consider offering promotions or discounts to move excess inventory.
4. Plan for Staffing
If your business experiences seasonal fluctuations, plan your staffing levels accordingly. Ensure you have the right number of staff to meet demand without unnecessary labour costs.
5. Communicate Holiday Hours
Clearly communicate your business hours during the holiday season to clients and suppliers. Managing expectations upfront can prevent misunderstandings and ensure smooth operations.
Christmas Recipe
Super Easy Christmas Reindeer Brownies
Ingredients:
Brownie Packet Mix
200 g pretzels
250 g milk chocolate melted
200 g packet Jaffas or Raspberries (any red coated chocolate or lolly)
130 g silver cachous (edible balls)
16 mini candy canes
Instructions
Bake brownies according to pack.
Once browines are cooled, trim any raised edges off the brownie so you have a completely flat square brownie.
Cut the brownie into 16 equal rectangles.
Cut the pretzels in half using a sharp knife.
Press the pretzels into the top of the brownie pieces for 'antlers'.
Spread melted milk chocolate over the front of the brownie pieces.
Add a Jaffa for the nose and 2 silver cachous for the eyes.
Trim the candy canes with a knife so that you have small straight pieces. Insert the candy cane into the base of the brownie pieces.
Christmas Jokes
How did the accountant know that Santa was good with numbers?
He had a magical ability to "sleigh" the budget every year!
Why did the accountant wear a Santa hat to the client meeting?
To spread some goodwill and festive depreciation!
Why did Santa's accountant become a comedian?
Because he sleighed them with his tax humour!