This article discusses the Australian Taxation Office's updated guidelines on how to differentiate between employees and independent contractors, and the impact of these changes from a tax accounting perspective. Learn about the new approach, the factors that will be assessed, and what employers can do to ensure compliance with the legislation.
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.
Farming is a way of life that is passed down from generation to generation. For many farming families across the Esperance region and beyond, the family farm is not just a source of income, but a source of pride, heritage, and family values.
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?
Reminder: Changes to the Super Guarantee
The ATO is reminding small business owners to pay the correct amount of superannuation for their eligible employees by the due date to avoid paying the superannuation guarantee charge (SGC).
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.
When John and I arrived in Esperance we'd been married for three weeks. John came from a dairy farm at Swan Reach in Victoria and I'd trained as a Home Economics teacher.
Location 1504 Esperance had been allocated to John's father in 1959. The first 300 acres of land had been developed by contract, which John had financed from the proceeds of pigs.
From 1 July 2022, the standard Superannuation Guarantee (SG) rate increased from 10% up to 10.5%. It’s part of the government’s commitment to increase the SG by half a percent each year until 2025, when the SG rate will reach 12%.
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…