In the realm of primary production and farming, the ability to make swift decisions is a crucial skill. The ever-changing nature of agricultural landscapes demands quick thinking and adaptability. However, the pressure to make timely choices can often be accompanied by feelings of guilt or uncertainty.
Adding to your super through voluntary contributions can help grow your retirement savings, however, if you add too much in a single financial year, you may be penalised. That's why it's important to know the various caps on how much you can contribute, and what's counted towards those limits. Remember to talk to an accountant to find out about your tax implications.
Here's what we know so far about the Federal Budget 2023-24:
Ultimately, the choice is either to hold onto the farm until you die, and pass it on through your estate or to transfer it when you are alive. Transferring the farm while you are alive has some advantages.
The ATO has released its final position on how it will apply some integrity rules dealing with trust distributions – changing the goal posts for trusts distributing to adult children, corporate beneficiaries, and entities with losses. As a result, many family groups will pay higher taxes because of the ATO’s more aggressive approach.
New Year's resolutions are a time-honored tradition, and for many businesses, it's a time to set goals and plan for the year ahead.
Being prepared for the unexpected is a crucial aspect of running a successful business. The ability to adapt and overcome unforeseen obstacles can mean the difference between success and failure. Here are a few key tips for being prepared for unexpected events in your business.
Farm succession planning is an important process for ensuring the long-term sustainability and financial security of a farm and its family.
A Farm Management Deposit (FMD) is tool to help primary producers deal with uneven profit and is a bank account similar to a term deposit, but what happens when you cease to be a primary producer?
There are few things worse than needing to claim on your life insurance and discovering your policy doesn’t provide sufficient cover.
With the current land prices we are finding that there is a significant and increasing disparity between original cost bases and current values. What are you doing to understand this situation?
If you run a business, the chances are, you would have created invoices. This can be a time-consuming activity, however with the advances of electronic invoicing (e-Invoicing), the task can be much more efficient.
As the name suggests, a self-managed super fund (or SMSF) is a private superannuation fund that individuals manage themselves.
Have you ever wondered how some people manage to keep bouncing back from adverse events? How they just keep on keeping on no matter what gets in their way?
The new domain name category, could leave your business or organisation open to fraudulent cyber activity. Register your .au domain name before it becomes available to the general public.
Everyone knows you don’t pay tax on your family home when you sell it…right?
Insurance coverage provides you with peace of mind. It aims to remove or reduce the financial stress that inevitably occurs as a result of these events.
What’s the difference and how can you tell? Defining “primary production” and “business” is no problem. Figuring out if a business of primary production is being carried on is not so easy and you may need to seek professional advice.
To ensure you are in the best position possible, please find in our blog some tax planning tips and tricks.
A series of reforms and changes will commence on 1 July 2022. Here’s what is coming up.
How many horror stories have you heard about farming families getting torn apart when the farm-owner dies?
The next round of the Business Basics grants program will open at 9am on Wednesday 4 May 2022.
From 1 July 2022, there will be some changes made to super to make it easier for people to grow their retirement savings.
"Innovation is driving the next wave of agricultural productivity," Mr Littleproud said.
In line with the temporary halving of fuel excise rates from 30 March 2022, so too have the FTC rates been reduced.
The 2022-23 Federal Budget is very much an election year budget that has avoided any significant measures aimed at budget repair and reform of the tax system.
The way in which you choose to hold the title of your property will have an impact in the event of the death of a joint owner, as these two options have significantly different outcomes.
In response to further devastating floods and storms in Queensland and NSW, more financial tax relief measures have been announced by the State and Federal Governments.
There are limits that restrict the amount you can contribute to superannuation in any particular year before incurring additional tax.
Succession planning for the family farm can be highly complex and emotional. The retiring family members have likely invested significant time and money into the property, and it can be hard to let go.
This is a pretty complex question, as there are a few variables, the very short answer is, yes – most likely.
The Treasurer has announced that PCR and rapid antigen tests (RAT) will be tax deductible for individuals and exempt from fringe benefits
tax (FBT) for employers if purchased for work purposes.
To avoid any unintended consequences, it is important that your nominations remain up-to-date and that you seek professional guidance to ensure you have the appropriate estate planning measures in place.
Contracting has emerged as an alternative to the traditional employment relationship. However telling the difference between an employee and an independent contractor can be complex.
Eligible primary producers impacted by the recent unprecedented rainfall from ex-Tropical Cyclone Seth across the Wide Bay-Burnett region may be able to access financial assistance.
Touted as the most significant reform of drought programs in a generation, the state government have revealed its new assistance plans for farmers.
We're all about supporting and empowering our client with the knowledge to improve their financial wellbeing, which is why we want to help you protect yourself and your finances online.
Christmas is nearly here and given how hard this year has been for many business, is a hint of excitement against the bleak run of COVID-19 months. You know your employees have worked extra hard this year to get you through and you want to thank them for their hard work and sacrifices. Planning your Christmas party now, COVID-19 safe of course, with a little knowledge of the tax deductions you’ll be able to claim, can make this year’s party extra sweet.
While it might not seem important at the time, the choice of purchasing entity is critical.
All Australian company directors will be required to have a unique Director Identification Number (Director ID).
Fair Work Commission has increased the National Minimum Wage by 2.5%.
In today’s digital age it has become quite normal for people to spend some of their time working from home. It pays to know what you can claim as a deduction on your tax return.
Generally, if you rent out part or all of your home, the rent money you receive is assessable...
You’ll have an extra step to take if you have new employees who start from 1 November 2021 and they don’t choose a super fund.
By 27 September 2021, employers (other than small businesses) need to assess whether their existing casuals are eligible to be offered
permanent employment...
I know what you’re thinking, not another Cyber Security article. However, the threats are real, and sometimes there are things you need to know as a priority and you need to take action...
It has been said many times in the past that communication is key, and quite simply this statement still holds true.
1 in every 5 Australians suffers from mental illness in any given year. Look at the people around you, and think about it – 1 in 5...
The 2021 Budget threw in a few perks for businesses but the one that around 10 million taxpayers will appreciate is the decision to continue the tax offset for low and middle income earners...
Applications for the 2021 COVID-19 Business Support Grants opened at 12pm (midday), 16 August 2021.
As with most financial decisions, there is not a one-size-fits-all approach – no two people are the same, so there’s no straight answer to this question.
The truth is, there are a few common finance mistakes that cost farmers a heap of money every year at tax time...
On 31 July 2021, eleven Queensland local government areas were declared a Commonwealth hotspot. If you are impacted by the lockdown, there is assistance available to you or your business.
Gone are the days where you have the person in charge who is in complete control, while the employees follow obediently and silently along...
The ATO will acquire lifestyle assets data from insurance policies for 2020–21 through to 2022–23 for the following assets where the value is equal to or exceeds nominated thresholds...
Regardless of your job or industry, there are not always enough hours in the day to get everything done. As a result, you can feel like you are always behind, and this is not ideal for your efficiency or health. Work smarter, not harder...
Risk management encompasses the identification, analysis, and response to risk factors that form part of the life of a business...
As the owner or manager of a local agribusiness, you've got plenty to deal with. While you can’t control everything, there are some things you can do to make life easier...
July officially marks the start of the new financial year. That makes it the perfect time to start tackling your new year’s business goals.
Technology can help grow your business. There are many tools specifically designed to overcome the challenges of running a business...
The Queensland, Australian and local governments offer funding programs, often in the form of grants, and business support services to help new and established businesses grow and succeed.
Whether you are a business owner or individual, there are some simple things you can do to apply good cyber security practices and avoid tax time scams.
As announced in the 2021 Federal Government Budget an increase of the super guarantee rate is to take place on 1 July, 2021 from 9.5% to 10%.
The government has announced a raft of superannuation changes, including the abolishment of the $450 threshold and a super savings booster for retirees.
The federal government had handed down possibly the second most anticipated budget in history, outlining its plans to help the economy recover post-COVID. Find out what personal income tax changes are coming below.
Building a great small business team is crucial, and very important. Even the most innovative entrepreneurs cannot scale from an idea to success without the help of a team.
The end of financial year is quickly approaching. While you want to make sure you have covered all your bases correctly, it does not have to be a stressful time – as long as you plan ahead and get your business ready.
You can now use your myGovID to sign in to myGov, expanding the use of myGovID to both business and personal matters.
To lead your business through the transition from subsidy support to financial independence, we have the following guidance to help you.
There may come a time for every business when the only way to grow your business is to hire more employees and build a team. If you employ people, you must follow various commonwealth workplace laws and are subject to certain record-keeping and payslip obligations.
The Treasury Laws Amendment Bill 2019 was passed in June 2020 and requires all new and current directors of Australian companies to hold a unique Director Identification Number (DIN)...
Tax planning can have some great benefits for businesses, large or small. It involves evaluating the business’s current financial situation, estimating probable profit or loss for the next quarter, and drawing up strategies to minimise tax while maximising the value of the business.
Recruitment is one of the biggest challenges that business owners face. How do you recruit quality people and retain them long term?
The wage subsidy scheme for apprentices and trainees has officially been extended by another year, a move that is expected to generate around 70,000 new apprentice and trainee places.
Securing farm finance is an ongoing and tedious process for many farmers.
Ensure you understand the record-keeping requirements for your business and make it a priority to keep accurate and complete records.
It only takes 10 minutes to set the tone for the day, so it is important to start the day successfully.
The Regional Investment Corporation (RIC) is a Federal Government-backed specialist finance provider for farmers and farm-related small businesses aiming to encourage growth, investment and resilience in Australia’s regional communities...
Are you sick and tired of using a calculator and manually keeping your books up to date? Switch now to the ‘cloud’, to experience quick and efficient bookkeeping for your business.
Performing due diligence is a necessary step involved in buying or investing money into farmland or any agriculture business. The process serves to validate the details and information given by the vendor or investment partner. It also helps to ensure your decisions are made with full knowledge of any and all issues, risks, or other potential outcomes.
“How you handle difficult people on the outside will define your character on the inside”
It’s that time of year again—time to start thinking about your business goals for next year and to begin setting yourself up for success. The end of the year is the perfect time for businesses and business owners to assess where they currently are—and where they want to be in a year’s time
Feeling overwhelmed with your receipts? Not sure where to start or what the most effective way to manage them?
While you can not predict what 2021 will be like, you can take steps to ensure continued success in your business...
The Australian Government has introduced the JobMaker Hiring Credit. The payment provides an incentive for employers to hire young job seekers.
Major changes in your business are never an easy thing to discuss, especially when it comes to your family farm or business's eventual succession, many owners may be hesitant to prepare for this essential piece of business planning.
The Government will introduce a JobMaker Hiring Credit to incentivise businesses to take on additional young job seekers.
The government have announced the much anticipated instant asset write-off changes
The Government has announced that it will bring forward changes to the personal income tax rates in the 2021 Financial Year.
In a decision of the Administrative Appeals Tribunal, a taxpayer, was a denied a deduction of work-related vehicle expenses...
Broadly, JobKeeper Payments received by an employer are assessable income to the employer...
Regulations that extend the time frame of the special condition of release have been formally registered.
With Xero being cloud-based it means you can work how, where, and when you desire...
Much awaited ATO and Government announcements have been made this week regarding the JobKeeper extension...
Additional recently implemented JobKeeper changes mean more employees will qualify for JobKeeper payments from 3 August 2020...
On 21 July 2020, the Government announced that the JobKeeper Payment (‘JKP’) would be extended until 28 March 2021...
the superannuation guarantee rate is currently set to increase...
The new JobKeeper changes announced on 7 August could mean that you have employees that were ineligible to receive JobKeeper but now can...
In nearly every aspect of life, both personally and professionally, effective communication is vital to success and happiness...
Back in April 2020 the ATO announced that a 'shortcut' method was to be made available to use from 1 March 2020 until 30 June 2020 for individuals claiming home office expenses...
You may have seen on Facebook, the staff of The Money Edge have been participating in a workplace challenge using the online site, Get on Track...
Many of you may have heard the teachings about stress being represented by a glass of water...
The Government is extending the JobKeeper Payment by a further six months to March 2021...
The ATO has announced some limited relief for private companies that have loans to their shareholders or related parties...
The federal government has registered the Superannuation Guarantee (Administration) Amendment (Jobkeeper) Payment Regulations 2020...
Treasury Laws Amendment (2020 Measures No 3) Bill 2020 has passed both Houses of Parliament...
Many times, you may ask yourself – ‘How do I get the most out of my Accountant?’...
The Fair Work Commission has announced there will be an increase to the National Minimum Wage from 1 July 2020...
It is expected that there will be changes to what people in many industries claim in their 2019–20 tax return.
Instant asset write-off tax boost extended for another six months amid coronavirus pandemic...
The ATO has issued guidance to help employers reporting eligible employees and JobKeeper top-up payments through Single Touch Payroll (‘STP’)...
The ATO has issued a reminder to employers who report through Single Touch Payroll (‘STP’)...
Nobody really likes change unless they can feel the need for it, so it often meets resistance...
To make it easier when claiming a deduction for working from home, special arrangements have been announced...
A major part of the Government’s response to the Coronavirus (or 'COVID-19') pandemic is the ‘JobKeeper Payment’ Scheme...
An overview of The Queensland Government relief and other support packages as part of the broader economic stimulus measures...
COVID – 19 has, and will continue to have, significant impacts on commercial and retail leases for both landlords and tenants.
Will the Palaszczuk Government’s Special COVID-19 Protections for Residential Tenants protect you?
The Government has announced a $130 billion JobKeeper payment to help keep more Australians in jobs and support businesses affected by the significant economic impact caused by the Coronavirus...