Blog
25 May 2022, 11:23 AM
AgriCultivate Issue 1672022: Many growers took out grain swaps at the end of 2021, when prices were (at the time) at record highs, as a strategy to protect revenue against potentially declining commodity prices. Then Russia invaded Ukraine, and - along with other contributing factors - grain prices continued to soar. Now some growers are overdrawing on their credit limits and are having to buy back their swaps at a loss.
17 May 2022, 3:23 PM
AgriCultivate Issue 16 2022: Trade disruptions, delays on equipment and machinery orders as we approach the final year of temporary expensing
9 May 2022, 10:29 AM
If you haven’t heard of Primary production averaging (or your ‘five-year average’) before, you’re not alone. It’s a specialised area of agribusiness taxation. If your Accountant doesn’t specialise in primary production accounting, they may not know how to use your five-year average to your tax advantage, ensuring your maximum cashflow is kept in your business.
3 May 2022, 6:13 PM
AgriCultivate Issue 14 2022: Forward sales of wheat, supply chain concerns and agtech skills rush creating pay rate reality check
27 Apr 2022, 12:06 PM
See our breakdown of the tax measures impacting small business in Australia.Too many farming businesses are operating under a structure that doesn’t offer them risk protection and future opportunities.
26 Apr 2022, 5:09 PM
Seeding is underway across the region, and growers are excited by the recent rains. Some farmers are reporting 160mm + across the farm over 48 hours, creating ideal conditions for comfortable seeding. Many growers appear to be turning to canola this year, with prices in Australia at record highs, (exceeding $1,000 a tonne over the past six months). Canola on the world market is now worth $1,184.70 CAD per tonne, according to the Canada Price Index, which has almost doubled from about $680 a year ago.
20 Apr 2022, 2:31 PM
The ATO have recently begun reviewing new legislation regarding a trustee’s ability to distribute trust income across family members with lower tax rates. We initially discussed these rulings with you in our blog post on 28th March. Since then, the ATO have received a significant amount of feedback from Accountants across Australia in regard to a trust operator’s tax planning.
12 Apr 2022, 3:31 PM
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.
5 Apr 2022, 2:47 PM
Western Australian farmers and agribusinesses have responded to the 2022-23 budget with mixed reactions. While there’s support for growers looking at carbon and biodiversity, many are questioning the government’s commitment to freight corridors, input supply chains and biosecurity.
28 Mar 2022, 4:48 PM
It’s the final week of March, and the outlook for grain producers across the region continues to be one of promise as speculation of continued increases to wheat prices continue. While the Ukraine-Russia conflict looks to impact grain exports from the region across the longer term, there is now also murmurs of major problems with China’s winter crops. Although China produces on average 5.5 times the amount of wheat Australia does, to meet their consumption demand, they are willing buyers of Australian wheat. This bodes well for the continued demand for our wheat for the remainder of 2022 and into 2023.
28 Mar 2022, 3:56 PM
Four new tax rulings have been released to address taxpayers utilising adult-child beneficiaries of family trust to reduce tax.
24 Mar 2022, 1:14 PM
With fertiliser prices reaching never-before-seen highs, and the cost of fuel soaring, it’s no wonder many farming businesses across the region are concerned about immediate cashflow in the lead-up to seeding.
23 Mar 2022, 7:20 PM
Agribusiness investment confidence has surged in the wake of a record grain harvest, but sky-rocketing input costs, including fuel, fertiliser and chemicals, have meant the cost of production is set to soar in 2022 and many farmers are facing immediate cash flow problems.
16 Mar 2022, 5:09 PM
I think we're all feeling the impact of the political unrest in Ukraine. While individuals are noticing the impacts across petrol bowsers, and in the grocery store, many small businesses are struggling to make a profit in the face of searing costs and limited supplies.
15 Mar 2022, 4:09 PM
As you are likely aware, CBH have responded to an increase in demand across global markets by providing an additional 540,000 tonnes of capacity at their Esperance, Albany and Geraldton ports. Where able, WA growers have responded to CBH’s request for assistance in its outloading program. With shipping capacity offered by CBH slowly increasing, it is hoped it will allow the co-operative to capitalise on potential market values as a result of the situation in Ukraine.
8 Oct 2021, 11:21 AM
Strategies for developing resilience in your small business or agribusiness to enable you to bounce back from challenges. A guest post by Adam Pryztula, Director of Armed For Life
8 Mar 2022, 12:28 PM
It’s the start of the end of yet another financial year. For farming businesses and small businesses across Western Australia, this year has presented a number of both triumphs and challenges. That’s why it’s vital to begin thinking about strategies which can be implemented to reduce taxable income for year ending 30 June 2022.
8 Mar 2022, 1:07 PM
Thirty percent of the world’s wheat exports have been cut off from the global market as a result of the war in Ukraine. In Australia, the wheat market has moved to its highest levels since 2008, with only seven days since then when the $A daily close was higher. It’s a terrible time for those caught up in the conflict, but it marks an opportunity for Australia to move back into its previous position as the dominant supplier for South East Asian markets.
1 Mar 2022, 1:48 PM
“First and foremost, when we talk about Ukraine, our hearts and thoughts and prayers go out to the Ukrainian people, and in particular the Ukrainian farmers who at the end of the day are family farmers exactly like we have here in Australia.” – Brett Hoskin, chair of Grain Growers Australia
23 Feb 2022, 10:56 AM
Cheryl says, I grew up in Ravensthorpe. It was – and still is – a small town, which is what I love most about it. Everyone has a sense of being in it together, and the community spirit is strong.
23 Feb 2022, 10:32 AM
With the hard border set to come down on 3 March, many business owners are experiencing mixed feelings. Considering we've been relatively sheltered from the lockdowns and mandates, and the virus itself for the past couple of years, it's normal to feel uncertain. While we know what reasonable steps we can take to protect ourselves and families from becoming unwell, it can be difficult to know what steps to take to protect your business.
14 Feb 2022, 11:47 AM
Esperance-run organisation Farmers Across Borders are assisting farmers affected by the recent Wheatbelt fires. Our thoughts are with the communities after the devastating effect that Mother Nature has had, something I am sure all our farmers can resonate with.
7 Feb 2022, 2:36 PM
Off the field and into the ins-and-outs of the business side of things, many agribusinesses across the region are considering how to utilise the harvest proceeds to reduce debt and help you build future wealth?
8 Feb 2022, 3:12 PM
For those farming businesses trying to secure staff for seeding, there are continued frustrations in trying to access a larger pool of staff for seeding due to a lack of information regarding the definition of skilled workers by the state government. Let's hope for some clarity on the issue soon.
31 Jan 2022, 1:02 PM
In continuing on from last year’s mass staff shortages, it looks as though the postponement of the Western Australia hard border opening is going to continue to be felt for farmers across the region. For many of you, this means seasonal recruitment is starting early. Gavin and I have spoken to many of you about developing your Business Game Plan Strategy, and different options to consider in terms of your Business Operations Plan. Feel free to contact me if you’d like to discuss this with us further.
2 Feb 2022, 2:45 PM
As we are on the tail-end of the region's largest ever grain harvest, there are vital cashflow and tax planning considerations that should be taken into account.
14 Dec 2021, 10:29 AM
As many of us move towards the finishing point of the 2021 grain harvest, I couldn't help but resonate with Kulin agronomist Ben Whisson's description of this year's season. "The holy grail - fantastic yields, great grain, and pricing". Whilst some of our farmers have experienced some levels of frost damage, overall, it's a celebratory tone as we begin planning for the 2022 tax season.
7 Dec 2021, 10:45 AM
This week Farm Weekly released their expert breakdown for the 2022 crop outlook. While the cost of canola has peaked at more than $1,000 a tonne, exporting grains in the current economic client is proving to be fraught with difficulties, particularly in relation to freight costs and labour shortages. Some price softening is expected globally as new crops come into play throughout the year. Regarding the wheat outlook, much depends on whether the Russian export system (which currently implements a tax-based export) will continue into 2022.
29 Nov 2021, 1:19 PM
From what I’ve heard, most of our Esperance farmers are just over halfway with their harvest. Yields are still consistently strong with the CBH Grain Report reporting both Esperance Port and Grass Patch breaking daily records at 37,150 tonnes and 15,730 tonnes respectively on 16th November.
29 Nov 2021, 2:29 PM
Mental health strategies for business owners, mental health first aid for accounting clients and business owners
24 Nov 2021, 3:33 PM
New legislation requires all company directors to apply for a unique Director Identification Number.
22 Nov 2021, 5:07 PM
Scamming is becoming more sophisticated and SMSF trustees are often the target.
8 Oct 2021, 11:54 AM
Issue 2: Harvest Edition, Esperance Western Australia
21 Oct 2021, 2:08 PM
Super stapling is new legislation commencing 1 November 2021 and will affect how businesses onboard new employees.
1 Sep 2021, 11:54 AM
How to Spring Clean your business to improve efficiency (hint promote remote work and go paperless)
25 Aug 2021, 10:31 AM
Esperance Chamber of Commerce and Industry (ECCI) Business After Hours, hosted by Smith Shearer and Kitto & Kitto, 12 August 2021
27 Jul 2021, 5:30 PM
Another round of targeted Small Business Lockdown Assistance Grants have been announced by the WA Government to assist small businesses who were impacted by the recent four-day lockdown (from 12.01am on Tuesday 29 June, until 12.01am on Tuesday 6 July) and interim restrictions.
23 Jul 2021, 5:28 PM
Smith Shearer, in collaboration with Kitto and Kitto Lawyers, will be hosting the ECCI Business After Hours on 12 August 2021
5 Jul 2021, 11:58 AM
On 29th May 2021, an announcement was made that the temporary minimum pension drawdown amounts would be extended until 30 June 2022.
9 Jun 2021, 3:19 PM
You may have seen that recently the ATO announced changes to the way businesses must now report Single Touch Payroll (STP). There is a chance this might affect reporting for your business, so to clear up any confusion, we’ve put together the below information to help you work out what you need to do.
9 Jun 2021, 3:00 PM
From 1 July 2021, the standard Superannuation Guarantee (SG) rate will increase from 9.5% up to 10%. 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%.
9 Jun 2021, 3:10 PM
The ATO have recently expanded their data-matching activity into the Superannuation Guarantee (GS). This means employers obligated to pay SG are facing increased audit activity.
1 Jun 2021, 12:47 PM
If you intend to claim a tax deduction for super payments you make for employees in the 2020-21 income year, those payments must be accepted by the SBSCH on or before 23 June 2021.
18 May 2021, 4:39 PM
From an SMSF perspective, there were some welcome surprises for SMSF trustees, the key measures that you should be aware of are outlined in this article.
11 May 2021, 1:31 PM
The Western Australian Government has announced a targeted grants program to assist small businesses highly impacted by the recent Perth and Peel lockdown. Is your business eligible?
7 May 2021, 6:47 PM
It’s Mothers Day this weekend (time to panic buy flowers if you had forgotten!), and while it’s a great time to celebrate the mothers in your life, it’s also a timely reminder for us all to recognise the value that working mums bring to the workplace every day of the year.
27 Apr 2021, 4:03 PM
Estate planning laws in all Australian states grapple with the tension between a Will-maker’s testamentary freedom (the right to give their property to whom they choose)
19 Nov 2020, 11:05 AM
Everything you need to know about the estate planning process or updating your estate plan.
1 Oct 2020, 7:10 PM
Everything you need to know if you are considering moving your business online.
6 Aug 2020, 4:20 PM
You may be aware that ASIC Fees increased as of 1 July 2020.
31 Jul 2020, 11:48 AM
Everything you need to know about JobKeeper 2.0.
2 Oct 2020, 12:52 PM
Individual tax returns are due by the 31st of October.
27 May 2020, 5:03 PM
A reflection upon life in lockdown, for business owners and individuals alike.
28 Apr 2020, 5:29 PM
It may seem as though there's a lot of information out there for small business owners in relation to COVID-19, but it's difficult to find specific guidance for agribusiness. We've put together a concise list of six key strategies that are relevant to those in the farming and agriculture industries.
28 Apr 2020, 5:11 PM
What you need to action as an employer in order to prepare for the JobKeeper payments.
3 Apr 2020, 6:10 PM
Last night, Scott Morrison unveiled a $130 billion plan to keep Australians in jobs - the JobKeeper wage subsidy. Under the JobKeeper Payment, businesses affected by COVID-19 will be able to access a subsidy from the Government to continue paying their eligible employees.
3 Apr 2020, 6:33 PM
The federal government has announced a number of stimulus initiatives to support businesses during the COVID-19 pandemic, but there has been some confusion around what support is provided to sole traders and freelancers.
3 Apr 2020, 7:07 PM
The Prime Minister released details of the second round of the Government’s economic plan to combat the impact of the coronavirus outbreak. The new economic plan will provide significant benefits to SME businesses and households in addition to the stimulus package announced on 12 March 2020.
17 Dec 2019, 12:53 PM
Regardless of whether the risk of Coronavirus affecting your business is low to moderate, or whether Coronavirus is having a significant impact on your daily operations, it’s important to consider how solid your business continuity plan is. How can your business prepare for and continue to operate after the effects of the Coronavirus epidemic have been felt?
4 Mar 2020, 5:20 PM
As we commence the third fiscal quarter, it’s a timely reminder to consider your options for the instant asset write-off as there may only be a limited amount of time remaining to claim this deduction.
11 Mar 2020, 4:20 PM
Whether your business is large or small, well-established or in start-up mode, you need to take a planned approach to managing cashflow during the holiday season. Here are few tips for keeping on top of cashflow management during the Christmas/New Year holiday period.
17 Dec 2019, 12:48 PM
Whether your business is large or small, well-established or in start-up mode, you need to take a planned approach to managing cashflow during the holiday season. Here are few tips for keeping on top of cashflow management during the Christmas/New Year holiday period.
11 May 2022, 3:12 PM
AgriCultivate Issue 15 2022: Australian grain prices relative to overseas and new Work Health and Safety legislation now in effect