End of Year Update 2020

HLB Mann Judd’s 2020 End of Year Update shares a number of topics relating to planning for the holidays and new year.

In this issue we address:

Marketing for the holiday season
The pandemic has impacted many businesses. The holiday season could be an ideal time to recover from some of the loss experienced throughout this year. We outline what should be included in your business’ holiday season marketing plan.

Covid safe Christmas parties
COVID-19 has transformed the way we celebrate. This means that changes will need to be made to how businesses and organisations conduct their Christmas parties. We address what businesses should take into consideration when planning a Covid safe Christmas party.


FBT and gifts for employees
Employers may want to reward their employees with gifts during the holiday season but may be concerned about whether fringe benefit tax (FBT) applies. We share the criteria that needs to be considered when determining whether it would be unreasonable to treat the gift as a minor benefit.

End of year checklist
At the end of the year, it is important for businesses to set time aside to reflect and ensure a strong finish and a fresh start. We outline what businesses should review by the end of the year

Creating a budget for the new year
Businesses should review their yearly financials and aim to create a budget which reflects any adjustments that need to be made. Gaining a good understanding of your revenue is the first step that you should complete when creating a budget for the new year.

Reasons to change business structure
Changing your business structure might be the appropriate next step following COVID-19 and the impact it has had. We share potential reasons to change your business structure.

Hiring workers for the holiday season post COVID-19
The holiday season often requires businesses to take on employees for the surge of shoppers during this period. The unpredictability of the current situation has meant that it is difficult to plan how hiring will take place. We address what businesses should consider when onboarding staff.

Tasks businesses should complete at the end of the year
The end of the year is an excellent time to review the year and start preparing for changes that could be useful in the future.
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