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With the hard border set to come down on 3 March, many business owners are experiencing mixed feelings. Considering we've been relatively sheltered from the lockdowns and mandates, and the virus itself for the past couple of years, it's normal to feel uncertain. While we know what reasonable steps we can take to protect ourselves and families from becoming unwell, it can be difficult to know what steps to take to protect your business.
I recommend familiarising yourself with your obligations as a private sector employer under the WA State Industrial Relations system, which will assist you in ascertaining your obligations as an employer under the mandatory COVID-19 Vaccination Policy. Secondly, I recommend making your employees aware of their rights if they become sick with the COVID-19 coronavirus, or if they need to isolate or quarantine. For information regarding your obligations and rights as an employer, and information for your employees, click here.
Did you see the Federal Government’s recent announcement to make PCR and RAT tests tax-deductible for individuals and exempt from FBT for businesses? This will certainly make life easier for all of us. As per the ABC Article linked below, Australians earning an income taxed at 32.5 per cent will receive a tax refund of about $6.50 for every pack of two RATs purchased for $20. Small businesses will reduce their FBT liability by about $20 for every dual pack of RATs purchased for $20 and provided to employees.
On a different note, NAB has recently announced a special ‘Future Farmers’ loan for farmers purchasing their first farming property. This loan may also be relevant for those who are considering in engaging in a farm succession process.
Finally, it’s interesting to note that the Federal Government has committed $255 million, under the Northern Australian Infrastructure Fund, to the Perdaman project at Karratha, which is said to help protect farmers from the volatility occurring in international supply chains at present.
I hope you have a productive week ahead. As always, please don’t hesitate to reach out if you have any questions in ensuring your business is protected from whatever life brings us here in the days, weeks and months ahead.
Take care,
23rd February 2022
The federal government is set to make COVID-19 tests tax-deductible for Australian individuals and exempt from fringe benefit tax (FBT) for businesses when they are purchased for work-related purposes.
Initially, the change will see PCR and rapid antigen tests (RATs) become tax deductible, but the government will include future medically approved tests in the scheme. The legislation will be in effect from the 2021-22 FBT and income years and will be backdated to July 1, 2021.
National Australia Bank has launched a new loan to help farmers buy their first properties in the face of soaring land prices.
The Future Farmers loan would be just as suitable for farmers needing to buy out siblings as part of a family succession process, Ms Rynski, (NAB Executive Regional and Agribusiness) said:
"…Those with a Future Farmers loan would be paired with one of the bank's agriculture specialists to help manage their finances and be offered a subscription to accounting package, Xero, for better oversight of their position."
The federal government has committed $255 million, under the Northern Australian Infrastructure Fund, to the Perdaman project at Karratha.
The Perdaman Urea Plant is considered transformational for Western Australia, having been awarded Major Project Status by both the Australian and Western Australian governments. Agriculture minister David Littleproud said the project would help protect Australian farmers from the volatility occurring in international supply chains at present.
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.
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