Tax Planning & Minimisation
Discover effective strategies for agribusiness and business tax planning with our essential guide on interim financial statements. Ensure timely and informed decisions to optimise your taxation position for the 2024 financial year.
In this blog post, we explore the newly introduced Small Business Technology Investment Boost and Small Business Skills and Training Boost, which provide small business owners with additional deductions on their tax returns. Discover how you can leverage these boosts to maximise your business's tax benefits while embracing digital innovation and investing in employee training. From understanding the eligibility criteria to tips on claiming the deductions and staying updated with Super Guarantee requirements, this post equips you with the knowledge to optimise your business tax return and propel your small business towards success.
Delays in machinery deliveries are causing challenges for the full expensing tax incentive. Learn how customs and quarantine processes are hindering transport to Western Australia, potentially impacting farmers' eligibility. Stay informed as the National Farmers Federation advocates for a grace period, and seek updates from relevant authorities. Don't hesitate to reach out for more information about your tax obligations.
Learn how grain sales and marketing can impact your tax position and cash flow, and the importance of tax planning in maximising your profits. Understand the tax implications of different grain marketing options such as cash contracts, pools, swaps, and futures, and get expert guidance on how to navigate them.
Investment into Artificial Intelligence (AI) technology can form an important part of annual tax planning for farming businesses. So, what tax deductions are available for farmers looking to invest in AI tools and training?
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.
The ATO has now released Draft Taxation Ruling TR 2022/D1 Income Tax: Section 100A Reimbursement Agreements. If you operate within a trust structure, it’s vital you know about this ruling. While it’s complex information, we will try to break it down for you as much as possible. Read on…
At Smith Shearer, we are an accounting firm based in Esperance, and we are more than just an accounting firm who can assist with the complicated taxes for our local farmers, but we can also help you as an individual or sole trader too.
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.