Tax Planning & Minimisation
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.
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.
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.
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.
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.
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.
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.
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.
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.