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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.
Recent changes to the Treasury Laws Amendment Bill 2022 seeks to deter the use of Unfair Contract Terms (UCTs) in standard contracts. Standard form contracts, which may apply when buying machinery, selling produce or engaging an agent, can disadvantage smaller or family-run farming businesses, who may have little choice than to accept the terms offered. The bill introduces a penalty regime for those businesses applying a UCT.
In the lead-up to seeding time, agronomist Peter Elliot-Lockhart has advised growers to carefully monitor and target mice. It’s understandable that the high prices of fertiliser this year are creating a reluctance around spending a lot of money on agricultural mice bait, but the input cost can form an important part of your overall tax planning strategy. With anticipated higher incomes from most of our grain farmers this year, stocking up on inputs prior to June 30 is recommended as a strategy to legally minimise your overall income tax obligations.
If you’d like to chat to me further about your agribusiness strategy for FY 2022 and 2023, please don’t hesitate to contact me on melissa@smithshearer.com.au and I'll be in touch.
All the best,
16th March 2022
Efforts by the CBH Group to increase its shipping capacity have so far proved fruitful after the co-operative last week announced it had offered marketers 540,000 tonnes of additional capacity across the Geraldton, Albany and Esperance ports, which has all been fully booked.
On February 9, 2022 the Treasury Laws Amendment (Enhancing Tax Integrity and Supporting Business Investment) Bill 2022 (Bill) was introduced to Federal Parliament. The Bill seeks to strengthen provisions which protect consumers and small businesses from unfair contract terms (UCTs).
The Bill follows concerns from the Australian Competition and Consumer Commission (ACCC) that the current regime does not deter businesses from using UCTs. One area of focus for the ACCC, when reviewing the use of UCTs, is agriculture.
Elders agronomist Peter Elliot-Lockhart said mouse numbers had been high in coastal areas since before last season's harvest. Mr Elliot-Lockhart said mice need to be monitored carefully leading into seeding time.
"[Farmers] are concerned about spending money. This season we want to make sure that it is very targeted and we have got to keep monitoring," he said.
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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