Tax in Agriculture
16 December 2016
Boyce Chartered Accountants are delighted to announce that the long awaited Tax in Agriculture research report has been released by Rural Industries Research and Development Corporation (RIRDC). Jonathan Forrest (Director of Boyce Cooma) lead the Boyce team working on the project together with Su McCluskey to complete the report that was commissioned by RIRDC on behalf of the agricultural sector.
The research report analyses how the Australian taxation system impacts the profitability and sustainability of farmers. In doing so, it provides a resource for agricultural groups and governments to inform their discussions on taxation policy as it relates to the sector.
Dubbo Accountant wins Employee of the Year award
14 December 2016
The Directors of Boyce Chartered Accountants, are proud to announce Dubbo’s Accountant, Meggan Kendall, as the winner of the firm’s prestigious “Tony Quirk Employee of the Year” award for 2016.
The employee award was initiated by the Boyce directors in 2008 to honour fellow director and friend, the late Tony Quirk. Tony joined Boyce in 1991 and became the youngest-ever director appointed in the firm. He was well on the way to forging an outstanding public accounting career before he tragically died at the age of just 34.
Super changes receive royal assent
14 December 2016
Changes to the superannuation system announced by the government in the May 2016 Budget that was passed by both houses of Parliament has now received royal assent.
This Bill includes the reforms to the superannuation system proposed in the May 2016 Federal budget as well as the changes to non concessional contributions caps announced in September 2016. Measures covered by this Bill include:
Changes to the Assets Test for Centrelink Age Pensions from 1 January 2017
13 December 2016
Beginning 1 January 2017, changes announced in the Federal Budget regarding the Assets Test for the Age Pension will come into effect.
Who do these measures apply to?
If you are over 65 and in receipt of a full or part Age Pension, then you need to be aware that for every $1,000 owned above the assets test free amount your pension will be reduced by $3 (this was previously reduced by $1.50 for every $1,000).
Farm business transition
12 December 2016
Farm succession is a topic of conversation that can be overwhelming and is often put in the ‘too hard basket’. However, ignoring ‘the elephant in the room’ creates a lack of confidence and uncertainty for all involved. Without a succession plan in effect – for both planned and unplanned events – how will family farm businesses transition successfully? With the festive season upon us, and families coming together, perhaps it is the perfect opportunity to start a few conversations.
Many people have a mis-conception of what succession and transition is all about. People have the tendency to look over the fence and make judgements about what they perceive has worked and what hasn’t worked for others, rather than focusing on their own situation.