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New legislation to help farmers manage tough times

New legislation to help farmers manage tough times

14 September 2016

The Coalition Government have passed a new legislation delivering on a key Ag White Paper initiative to strengthen the Farm Management Deposit (FMD) scheme, enabling farmers to better manage during periods of uncertainty.

The key changes are:

  • Double the deposit limit from $400,000 to $800,000
  • Allow financial institutions to offset FMDs against other farm debt
  • Allow early access to the deposit in times of severe drought

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Malicious phone scam claiming to be the ATO

Malicious phone scam claiming to be the ATO

12 September 2016

Recently, we have had numerous occasions where our clients have received phone calls claiming to be from the Australian Tax Office (ATO). From time to time the ATO may contact you by phone, but you should be wary of unsolicited phone calls. We advise our clients to be vigilant when receiving phone calls of this nature.

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Good news for business with three taxes axed

Good news for business with three taxes axed

15 June 2016

The NSW government have confirmed they will axe three business taxes from 1 July 2016.

Ahead of the state budget, NSW Treasurer Gladys Berejiklian confirmed the government will be scrapping business mortgage duty, a tax which is imposed on a business mortgage when it is used as security for another business transaction.

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Ladies, handbags can be tax deductible

Ladies, handbags can be tax deductible

15 June 2016

The Australian Tax Office (ATO) has confirmed that handbags used for work are tax deductible in certain situations.

Reports suggested the ATO makes it easier for men to claim deductions for briefcases than it does for women to claim for handbags.

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New legislation to help farmers manage tough times

New legislation to help farmers manage tough times

20 March 2016

The Coalition Government recently announced a new legislation delivering on a key Agricultural White Paper initiative to strengthen the Farm Management Deposit (FMD) scheme, enabling farmers to better manage during periods of uncertainty.

The FMD scheme is designed to enable primary producers to deal with uneven income flows. The scheme allows you to make tax deductible deposits during prosperous years that you can redraw (and pay tax on) during less prosperous years.

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