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Welcome to our February issue of Cheryl+Ned.
As we head into tax planning season, a timely reminder for our grain growers across Australia: the changes to depreciation rules implemented on 1 July 2023 have implications for your tax planning, affecting the timing of deductions, cash flow management, and asset purchase decisions. With the reduction in bonus depreciation rates, farmers need to carefully consider when to place assets in service to optimise tax benefits and manage cash flow effectively. If you're thinking about purchasing depreciable assets in the near future, it's helpful to keep us in the loop so we can factor this in when completing your annual tax planning. Read on for the latest ag 'people, processes and tech' updates from Ned and I. We hope you enjoy this edition!
The Grains Research and Development Corporation (GRDC) have announced a new $42.7 million biosecurity project for the Australian grain industry, called the National Grains Diagnostic and Surveillance Initiative (NGDSI). This six-year program, announced by GRDC chairman John Woods at the Grains Research Updates in Perth, aims to improve the grains industry's ability to rapidly detect and accurately diagnose exotic pests and plant diseases. The program is considered critical for protecting the Australian grain industry from biosecurity threats, which could potentially cost growers $100 million annually in terms of crop damage, control costs, and trade impact.
Amidst the government’s push for renewable energy infrastructure in regional areas, Andrew Forrest is emphasising the importance of the preservation of agricultural land, fair compensation for farmers affected by transmission lines, and community support initiatives. Forrest has also criticized fossil fuel producers for hindering the transition to green energy and called for government action to reduce subsidies benefiting these industries.
Andrew Forrest has been vocal about his motivations for advocating renewable energy and farmland protection, emphasising both altruistic and financial considerations. While some critics question the influence of his substantial wealth on his advocacy efforts, Forrest has consistently maintained that his primary goal is to protect prime farmland and drive the transition to sustainable energy sources for the benefit of future generations.
The key themes of EvokeAg in 2024 were related to various aspects of agriculture, agritech, and innovation. The main talking points were:
Brisbane has been named as next year’s host city for the EvokeAG agtech innovation conference, which is expected to attract more than 2000 delegates.
The contribution caps for super are set to increase from 1 July 2024. Here are the key changes:
Adjustments will also be made to the Total Superannuation Balance Thresholds, affecting:
The General Transfer Balance Cap will remain set at $1.9 million for the 2024-25 financial year.
If you have any questions about contribution caps in relation to your superannuation, please don’t hesitate to get in touch.
From all of the team at Smith Shearer, we are sending very special birthday wishes to our one-and-only Tessa. You may be 40 in human years, but you are only 6.75 in dog years! We hope you have a pawesome year ahead.
The Government has reinvigorated the 120% skills training and technology costs deduction for small and medium business. An election ago, the 2022-23 Budget proposed a 120% tax deduction for expenditure by small and medium businesses on technology, or skills and training for their staff. This proposal has now been adopted by the current Government and details released in recent exposure draft by Treasury.
From 1 July 2022, the standard Superannuation Guarantee (SG) rate increased from 10% up to 10.5%. It’s part of the government’s commitment to increase the SG by half a percent each year until 2025, when the SG rate will reach 12%.
The Australian Federal Budget 2022 was delivered on 29 March 2022 by the Federal Treasurer Josh Frydenberg. See our breakdown of the tax measures impacting small business in Australia.
Smith Shearer, in collaboration with Kitto and Kitto Lawyers, will be hosting the ECCI Business After Hours on 12 August 2021
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