Here are simple, practical tips to help you stay on top of your books this Christmas.
- Create a “Christmas” Expense Category
The festive season comes with unique costs: staff parties, client gifts, decorations, events, and end-of-year promotions.
Create a separate category in your accounting software (Xero, MYOB, or QuickBooks). This makes it easier to:
- Track spending accurately
- Stay within your budget
- Quickly identify tax-deductible items at EOFY
- Keep Every Receipt
Holiday spending can pile up fast.
Snap photos of receipts on the go or upload them straight into your software. Add short descriptions like “Client Christmas Hamper” or “Team Dinner” to avoid confusion months later.
Good records now = painless tax time later.
- Make the Most of Your Cloud Tools
Use the automations built into your accounting system:
- Set up bank rules for holiday expenses
- Attach receipts digitally
- Schedule reminders for BAS, PAYG, and super
This is especially important because nobody wants to start January with forgotten deadlines or overdue lodgements.
- Remember the $300 FBT Rule
If you’re gifting employees or hosting social events, the $300 (GST-inclusive) threshold is key.
Minor benefits under this amount and not provided regularly may be exempt from Fringe Benefits Tax (FBT).
Learn more here:
👉 https://www.ato.gov.au/business/fringe-benefits-tax/
- Prepare for a Quiet January
Many industries slow down after Christmas. Build a cash buffer now to cover:
- BAS (October–December) due 28 February
- Supplier invoices
- Staff wages or holidays
- Subscription renewals
A little planning now saves a lot of stress later.
- Do a Quick Stocktake
Before Santa arrives, review your inventory.
Write off:
- Damaged stock
- Obsolete products
- Items you no longer plan to sell
Accurate stock numbers help tidy your shelves and strengthen your financial reporting.
- Handle Bonuses Correctly
If you’re giving Christmas bonuses, decide whether they fall in this financial year or next.
To count them in the current year:
- Pay before 31 December
- Record PAYG withholding
- Allocate them correctly in payroll
This keeps your records clean and compliant.
- Use Free Tools for Planning
Take advantage of trusted, government-backed resources:
- ASIC MoneySmart Budget Planner — great for festive budgeting
- ATO Cash Flow Support — helps you plan ahead for seasonal slowdowns
👉 https://www.ato.gov.au/business/small-business-entity-concessions/cash-flow-support/
Pro Tip:
A few smart habits now mean more time for mince pies and merry moments later.
Make This Christmas Joyful and Tax-Smart
With the right bookkeeping approach, you can celebrate the season without financial surprises. Stay organised, plan ahead, and take advantage of the tools available to you.
If you’d like more personalised support, the team at Business Genie is here to help your business grow.
Book a free start-up chat here.
