From www.professionalplanner.com.au: The Coalition’s recent proposal aims to simplify tax deductions for small businesses, allowing them to claim up to $20,000 in meal expenses for off-site functions without incurring fringe benefits tax.

This change would treat such meal expenses similarly to other deductible business costs, enabling more accessible and beneficial engagement options for financial planners with their staff and clients.

The proposal addresses the complexity of the current tax system regarding meals, thereby encouraging better workplace culture and client relationships.