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Farm business transition

Farm business transition

12 October 2015

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?

What is succession planning?

“Many people have a mis-conception of what succession and transition is all about,” says Jonathan Forrest, a Director of Boyce Cooma.  

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ATO correspondence and myGov

ATO correspondence and myGov

9 October 2015

Further to recent communications in previous news articles in regard to the Australian Tax Office (ATO) moving toward paperless BAS lodgements, if you are an individual or sole trader and currently have a paper business activity statement (BAS) delivery preference and have linked your myGov account to the ATO, then the ATO will no longer send you paper BAS or instalment notices. You will now receive your BAS or instalment notification through your myGov Inbox. 

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Dedicated tax support service for drought affected communities

Dedicated tax support service for drought affected communities

11 August 2015

On 21 July 2015, the Treasurer, Joe Hockey, and the Minister for Agriculture, Barnaby Joyce, jointly announced a new service to help drought affected taxpayers manage their tax affairs when times are tough.

The Australian Tax Office (ATO) will work with the Department of Agriculture to identify drought-affected taxpayers and will provide personalised assistance and customised support plans for business owners and communities in these areas. 

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Fuel tax credits – do you have the right rate?

Fuel tax credits – do you have the right rate?

30 July 2015

If you use fuel in your business you should know that there will be changes to the fuel tax credit rates effective 1 August 2015.

What this means for your business is that when calculating your fuel tax credit, you need to use the fuel tax credit rates that apply when you acquired the fuel.

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Are you ready for your NSW annual payroll tax reconciliation?

Are you ready for your NSW annual payroll tax reconciliation?

16 July 2015

As an employer in NSW, you must pay payroll tax on your employee wages if, during any one month, your total Australian wages exceed the monthly threshold.

The 2015-16 monthly thresholds are:

  • 29 day month - $59,426
  • 30 day month - $61,475
  • 31 day month - $63,525

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