Agribusiness Insights
As previously communicated, the Federal Government introduced a regulation that will need to be adhered to by anyone that is a director of an Australian company. This applies to ALL companies, whether they are trading companies, trustee companies (i.e. Companies that are trustees of a Self-Managed Super Fund or a Family Trust), private companies and public companies.
As skills shortages and global supply chain disruptions continue to impact farming businesses, you may be beginning to wonder how to best plan for a successful harvest.
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.
Interested in the benefits of carbon farming but not sure where to start? We've got you.
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…
Farmers need to be aware of their safety requirements as doing nothing poses the biggest risk as farmers can now receive penalties without an incident occurring.
Making superannuation payments on behalf of your employees prior to June 30 is an important tax planning strategy. When to pay your employees' Q4 super guarantee (SG).
As a primary producer, you can elect to pay income tax at a tax rate based on your average income over the five previous years. This tax concession is called ‘income averaging’ or your ‘five-year average’. The purpose of income averaging is to even-out the income fluctuations experienced in primary production to ensure you don’t pay more tax over time than those taxpayers who are on similar, but consistent, incomes.
See our breakdown of the tax measures impacting small business in Australia.Too many farming businesses are operating under a structure that doesn’t offer them risk protection and future opportunities.
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.