Cashflow Budgeting & Financial Forecasting
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.
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.
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.
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%.
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.