Business Advice
As skills shortages and global supply chain disruptions continue to impact farming businesses, you may be beginning to wonder how to best plan for a successful harvest.
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.
Interested in the benefits of carbon farming but not sure where to start? We've got you.
Are you aware of the two new incentives that were released in the March Budget? The Skills and Training Boost, and the Technology Investment Boost were both mentioned and released, however they aren’t legislated yet.
As a primary producer, you can elect to pay income tax at a tax rate based on your average income over the five previous years. This tax concession is called ‘income averaging’ or your ‘five-year average’. The purpose of income averaging is to even-out the income fluctuations experienced in primary production to ensure you don’t pay more tax over time than those taxpayers who are on similar, but consistent, incomes.
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.
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.
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.
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.
Four new tax rulings have been released to address taxpayers utilising adult-child beneficiaries of family trust to reduce tax.
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.
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.