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Dec 3, 2013 · Christmas bonuses, annual bonuses, or quarterly bonuses that are paid shortly before Christmas may all have an impact on holiday payments. Generally speaking, if the payment is made under an employee’s employment agreement, it forms part of gross earnings for the purposes of annual holiday calculations and for the purpose of any public holidays, sick leave or bereavement leave if the ... Dec 6, 2022 · Christmas Lunch/Dinner. The cost of taking colleagues or staff out for an end of year lunch or dinner will generally be 50% deductible for companies and 25% deductible for Sole Traders. Please let us know what any Christmas expenses are for, so we can ensure the correct claims are made. Christmas Bonuses & Gifts – Tax Implications. It is that time of the year where some employers start to think about rewarding their employees with a little something extra. There are both monetary and non-monetary options – or of course both ?. The monetary options may have some tax implications as outlined below. Option 1 – Christmas Bonus Such limited-time deals often take the form of Christmas free spins, deposit match bonuses, or cashback offers, and they are targeted to highlight the year’s most celebrated season. Types of Christmas Casino Bonuses. Several types of Christmas bonuses are available to New Zealand players, from deposit bonuses to free spins. A bonus payment is classed as a ‘lump sum’ payment and is taxed at a flat rate based on what income range the employee falls into. Client gifts When giving gifts to clients, some gifts are fully tax deductible while others will be only 50% deductible where they include food and drink or other ‘entertainment’. Aug 23, 2023 · Have very specific parameters for the bonus, e.g. If you reach your sale target of $2,000 per month for the sales quarter of January to March, an incentive payment of $200 will be paid on the 20 th of April. Or, A discretionary bonus of $500 might be paid to the employee for a Christmas bonus in December depending on the employee’s performance. Many businesses are in full swing planning Christmas celebrations and rewarding staff with gifts and bonuses. Tax is seldom top of mind, and even less so at this busy time of year. However, in order to avoid a nasty surprise in the new year, we recommend you spend some time thinking about the tax implications that can arise on some of these costs, primarily Fringe Benefit Tax (FBT). Sep 19, 2024 · Find the best christmas bonuses and promos ⭐ Free spins, no deposit bonus, cash, and more! ☝️ Every day in December ⭐ NEW: 200 Free Spins @ Rizk CA (en) Aug 9, 2022 · Bonuses and allowances are either taxed via PAYE for every paycheck or are tax-free. Here is a basic rundown of what taxes you need to pay on different types of bonuses: Regular bonuses (e.g. sales targets)- PAYE, deducted from every applicable paycheck Lump sums (e.g. Christmas bonus)- PAYE, see the calculations below

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