We have all had that feeling…tearing open the brightly coloured paper…the first glance…the feeling of disappointment…the feigning of surprise and delight…the deep down thought of “what am I going to do with this?”

Gift giving can be a tricky thing – both when you are the giver and the receiver! Thinking of the perfect (or even a “good enough”!) gift can almost be defined as an art!

As a recipient there is always the guilty feeling when you don’t like, want or need the gift you’ve been given, knowing that the person has tried their very best for you. It is definitely “the thought that counts” that is always the most important element of gift giving, without a doubt.

But there is a way to receive exactly the gift you want and not be left with a dust-gather and make sure the other person hasn’t “wasted” their money.

For the past few years at O’Connells OBM, the firm has been giving their team a set amount of cash and letting us choose the gift we want – a win-win for everyone!

In the very first year when we got the calendar invite for a “Christmas Shopping Afternoon” we were all intrigued – were we getting an afternoon off to do our Christmas shopping? Not quite – close to Christmas each year we all head out, receive our cash and are given a one hour time limit to pick our own Christmas gift! We then gather back for a few drinks and share with the rest of the group our Christmas gift for the year.

The only conditions – we have to spend it on a non-entertainment gift or give it back, and we need to keep the receipt.

It is a wonderful way to celebrate the approaching festive season and learn more about what our colleagues are interested in – outside the number crunching!

And of course – given we’re accountants, our first question is – will I get a tax deduction? – click here to find out how!

The articles, templates, and media posted on this blog do not give business, accounting, taxation or financial planning advice and should not be relied upon as such. The articles are intended to provide information in a summary form and are general in nature. Formal business, accounting, taxation or financial planning advice should be sought in particular matters. O’Connells OBM Pty Ltd accepts no liability in respect of this information and any person acting solely on the information contained within does so entirely at their own risk.