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As this year's unseasonal rainfall continues, I hope your harvest operations are continuing to the best of your ability.
This week, as agricultural sector confidence continues to grow amidst a global surge in wheat prices and continuing strong canola prices, I've been particularly focused on assisting local producers with investments to improve business operations.
The Instant Asset Write-Off has been extended with a measure dubbed 'temporary full expensing'. It covers the period from 7.30pm AEDT on 6 October 2020 until 30 June 2023 (including the extension announced in the 2021–22 Federal Budget), meaning it's a good opportunity to consider machinery and equipment purchases.
Equipment purchases form an integral part of your annual tax planning. If you've been considering upgrading machinery or equipment, feel free to contact me to discuss how we can structure the purchase to maximise your profits and minimise tax obligations.
All the best,
23rd November 2021
The surge was triggered initially by last week's USDA Report that reduced global stocks by 1.4 million tonnes, which was a little more than expected.
Continued confidence across Australia’s agriculture industry has seen strong business investment through this year’s harvest season.
Eligible businesses can claim an immediate deduction for the business portion of the cost of an asset in the year it is first used or installed ready for use for a taxable purpose.
Grain Producers Australia celebrated this year’s #AgDayAU by highlighting some of the exciting and diverse opportunities to work in the Australian grains industry, and a great #AgVenture.
Welcome David Mackenzie
Many of you will remember David Mackenzie. In case you missed our email last week, David rejoins the Smith Shearer team after a hiatus spent working in the family business. David will work in our Business Services division, and brings with him many years of accounting and business advisory expertise.
If you have any questions for me, or would like me to address a topic specifically, please email me directly at melissa@smithshearer.com.au. Alternatively, complete the form below and I'll be in contact.
If you find this newsletter valuable, please forward it on to your agribusiness contacts.
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