Conservation Tillage Tax Offset Ending Soon
28 March 2014
As part of their bill to repeal the Carbon Tax Legislation, the Abbott Government intends to discontinue the Conservation Tillage Refundable Tax Offset as at 1 July 2014.
The proposed changes will not affect primary producers wishing to access the scheme for the 2013-14 income tax year.
Under the former Labor government's Clean Energy Future plan, primary producers have been able to access a 15 per cent Refundable Tax Offset (RTO) on the purchase of eligible seeding equipment.
Expanded NSW Drought Assistance Package
28 March 2014
Deputy NSW Premier Andrew Stoner and Minister for Primary Industries Katrina Hodgkinson have announced additional assistance measures for drought stricken farmers in NSW in attempt to help landholders and communities deal with the crisis.
The measures include the expansion of a temporary package of emergency in-drought support measures to an additional 20 local government areas including – Armidale, Bogan, Central Darling, Cobar, Coonamble, Gilgandra, Glen Innes, Gunnedah, Guyra, Gwydir, Inverell, Moree Plains, Narrabri, Tamworth Regional, Tenterfield, Uralla, Walcha, Warren and Warrumbungle as well as Broken Hill and the far west Unincorporated area.
Important Technology Updates from Boyce Business Systems
28 March 2014
Boyce Business Systems specialist Liam Smith advises of a number of recent technology announcements that may impact clients’ business systems:
- Phoenix Versions 4 Cashbook – support to cease effective 8 April 2014
- Phoenix online training courses - coming up
- Microsoft Windows XP – support to cease effective 8 April 2014
- MYOB – updates to pricing effective 1 April 2014
Read on for more details about what you should do if these changes affect your business systems.
Face up to aged care changes or face higher costs
17 March 2014
Major reforms to the aged care system will take effect from 1 July 2014. The financing arrangements for those entering aged care on or after this date have been revised, although those who enter before that date will continue under their existing arrangements.
A very informative article by Alex Denham on 21 February 2014 was published on www.cuffelinks.com.au and has been reproduced below with permission by Boyce Financial Services (BFS).
Superannuation Rates and Thresholds for 2014/15
5 March 2014
The Australian Taxation Office (ATO) has announced key superannuation rates and thresholds to apply in respect of the 2014/15 financial year.
The increase in thresholds should be considered in terms of the impact to your contribution strategies and retirement planning.
Concessional contributions caps
- The concessional contributions cap has increased to $30,000 for 2014/15, up from $25,000.
- The special concessional contributions cap for older people remains at $35,000, but will apply to anyone aged 49 or over on 30 June 2013.