Top tips for farmers for the end of financial year

28 June 2018

1.   Get everything in order:

Ensure all receivable and payables are correct, credit card expenses and unpresented cheques aren’t over looked and most importantly: have a copy or back up of all your documents!

2.   Consider changes to business structure

This can be done for flexibility, tax or succession planning reasons. The new financial year is the perfect time to do this as it eliminates the pressures of operating two different entities in one financial year. It also won’t hurt to speak to your advisers about superannuation options that best suit your situation.

3.   Consider accounting and software options:

Is your current system meeting your needs? If not, what are the other options available? What new software developments are out there that link your livestock and paddocks records with financial packages?

As a side note: all businesses will need to comply with single-touch payroll from 1 July 2019 (from 1 July 2018 it’s all employers with over 20 employees), so if a software evaluation is in the works, consider whether or not your chosen software is going to be compatible with the new requirements.

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Celebrating 45 years

27 June 2018

From an office in O’Connell Street Sydney 45 years ago, to organisation whose clients span Australia, and the globe….

While the “tools of trade” accountants use today are more sophisticated than then pencil, eraser and adding machine that Mick Boyce had available in 1973, our firm’s desire to provide genuine care and timely information to our clients to allow them to make insightful decisions, with a view to helping them maximise wealth, remains unchanged.

“We are extremely proud to be celebrating 45 years in business this year,” Managing Director Phil Alchin said.  “We feel just so lucky and privileged to share the relationships that we do with our valued clients. Our firm continues to live Mick’s ethos that accounting is so much more about people than numbers and we are humbled that a number of Mick’s original clients and their families continue to be clients today.”

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Gearing up for the 2018 Cotton Analysis

27 June 2018

Each year Boyce Chartered Accountants teams up with the Cotton Research and Development Corporation (CRDC) to analyse the performance of the top farms in the industry, giving the farmers who are involved invaluable business information. 

Called Australian Cotton Comparative Analysis, Boyce has produced the report since 1986, and 14 years ago, the value of this work was recognised when CRDC partnered with the company. The study is regarded by the cotton industry as the benchmark for the economics of cotton growing in Australia.

Tim Grellman, General Manager of Rimanui Farms Ltd in Moree, said the company used the information it received from participating each year to assist in its business decisions.

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Additional Drought Support Announced

Additional Drought Support Announced

20 June 2018

With almost all of NSW now in mild to severe drought, the NSW State Government announced another $284 million in drought assistance in the 2018/19 budget this week.

The vast majority of the funds will offer interest-free, seven year loans to facilitate sustainable primary production during drought. Called the Drought Assistance Fund, $250 million has been earmarked for new loans of up to $50,000 that will be interest-free with principal to be repaid within seven years.

Funding is to support farmers in implementing systems and management practices during drought by funding:

  • Transport of livestock, fodder and / or water
  • Water and fodder infrastructure
  • Banking of genetic material of stock

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Single Touch Payroll

6 June 2018

Single Touch Payroll (STP) is a reporting change for employers to streamline payroll reporting to the ATO. As an employer, you will be required to report payments such as salaries and wages, pay as you go (PAYG) withholding and superannuation information to the ATO through STP enabled software. You will report to the ATO each time you pay your employees. This change aligns ATO reporting to your pay cycle. Your pay cycle does not need to change and you can continue to pay your employees as you currently do such as weekly, fortnightly or monthly.

STP will come into effect from 1 July 2018 for employers with 20 or more employees and is intended to be expanded to include all employers from 1 July 2019, subject to legislation being passed in parliament.

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