Proposed Small Business Meal & Entertainment Deduction (Feb 25 Tax Update)

Relevant For:

Owners of small businesses wanting to stay abreast of potential meal and entertainment tax breaks.

Key Points:

• Proposed $20,000 cap for meal and entertainment deductions (turnover ≤ $10m).
• Alcohol excluded; planned two-year duration.
• Exempt from Fringe Benefits Tax; GST details pending.
• Aims to bolster small businesses and hospitality.
• Further information likely after the election, if the Coalitions wins Government.

Full Article:

The upcoming election has prompted the Coalition to announce a policy that could offer small businesses a capped tax deduction of $20,000 on eligible meal and entertainment expenses.

Designed for those with an annual turnover of up to