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Drought Recovery Funding Takes Effect

13 August 2020

The NSW Government's $310 million drought package has officially kicked off and aims to deliver additional assistance to farmers still battling drought and to accelerate the recovery for those experiencing a reprieve in conditions.

Agricultural Minister, Adam Marshall said they had made a number of adjustments to the new package to ensure it reflected the evolving needs of farmers, particularly as some parts of the state enter drought recovery.

The new package includes:

  • $116 million to continue the Drought Transport Subsidy through the calendar year (pro rata cap of $25,000 per primary producer);
  • $99 million in cost of living pressure relief, including Local Lands Services rates, vehicle registration waivers etc.;
  • $28.5 million to continue water licence fee waivers for stock, domestic, general and high security water users;
  • Continuation of health and well-being programs (Farmgate Counsellors, Royal Flying Doctors Far West drought support programs).

What it means for you

Drought Assistance Fund – the cap has been lifted and now primary producers can obtain up to $100,000 via an interest free loan to implement systems and management practices to enhance the sustainability of their operations. Among other things, it can include transport of stock, fodder and water, cost of restocking as well as the installation of on-farm fodder and water infrastructure. The loan is for 7 years with no repayments required in the first 2 years. For more information on eligibility or to apply online, click here.

Emergency Drought Transport Subsidy – a round two second release and round three has been announced. For the second round, whilst this does not mean you can submit new applications, if you’ve already sent in (prior to 30 June 2020) your application, you now have until the 30 September 2020 to submit invoices dated between 1 July 2019 and 30 June 2020. For the third round, this is open to new applications for expenses incurred between 1 July 2020 and 31 December 2020 and is limited to a $25,000 cap and will cease once funds are exhausted.

This subsidy can be applied to the cost of transporting fodder and water for stock or domestic use, stock to and from agistments, to sale or slaughter. Also note, from 1 July 2019, the was expanded to include transporting chemical, fertiliser and seed to farms.

For more information regarding each ‘round’ of this subsidy or to claim additional invoices, click here.

If you require more information on the funding available, please contact your local Boyce accountant.

Sourced from theland.com

JobKeeper 2.0 - Changes to Eligibility Requirements Announced

9 August 2020

In response to the ongoing pandemic and the tougher restrictions in Victoria, the Treasurer has announced changes to the eligibility requirements for JobKeeper 2.0, as well as a change in the relevant date for employment for both the existing scheme as well as JobKeeper 2.0.

Please note that the changes to the decline in turnover tests under JobKeeper 2.0 will not affect JobKeeper 1.0 which will run until 27 September 2020.

Key change to JobKeeper 1.0

Employee test

From 3 August 2020, the relevant date for employment will move from 1 March 2020 to 1 July 2020. This change is intended to increase employee eligibility both under the existing scheme (JobKeeper 1.0) as well as the extension (JobKeeper 2.0).

Under this announced change, employees will be eligible if they:

  • Are currently employed by an eligible employer (including where they were stood down or rehired)
  • Work for the eligible employer (or another entity in their wholly owned group) either: a full-time, part-time or fixed-term employee at 1 July 2020; or a long-term casual employee (employed on a regular and systematic basis for at least 12 months) as at 1 July 2020 and not a permanent employee of any other employer.
  • Were aged 18 years or older at 1 July 2020 (if an employee is 16 or 17 they can also qualify if they are independent or not undertaking full time study).

Please note the other employee eligibility requirements around nomination of eligible employer, Australian residency and government payments remain unchanged.

We are awaiting further details of how the ATO will be managing this change at the time of this e-Alert.

Read more >

Boyce MI - Management Reporting Made Easy

6 August 2020

Earlier this year, we proudly and successfully released our next generation management reporting application Boyce MI (BMI).

BMI was designed to take the guess work out of the monthly reporting process; putting easy to understand information into your hands so you can make better business decisions.

BMI was built from the ground up as a web application that connects with accounting data in the cloud, so you easily connect and access your information from anywhere with a modern web browser.

Benefits of BMI

  • Boyce’s unique management reporting system at your fingertips
  • Know where your business’s cash flow is and flexibly change your plans to meet demands
  • Work on your business, not in your business, by proactively planning your year and then reporting progress against the budget
  • Readily adapt to change by creating additional budgets or reforecasts for what-if planning
  • Work wherever, whenever. Accessible from a modern web browser over any internet connection
  • Fast multi-level reporting (whole of business, enterprise and summary)
  • Built in help documentation for step by step guidance
  • Receive monthly updates to keep you in the loop with new developments & features

​Features of BMI

  • Works with Xero, MYOB AccountRight Live (cloud only) and any accounting system with Excel export
  • Import a budget in the Boyce format
  • Reforecast - export actuals over your existing budget
  • View reports on screen or export to Excel and PDF

BMI is available in a monthly reporting package or to purchase directly.

If you would like more information on how Boyce MI can streamline your reporting process and help you to strengthen data-driven decision making for your business, please speak to your accountant.

Federal Government Announces Additional $2 Billion For Drought Loans

23 July 2020

Key points

  • An additional $2 billion announced for the RIC’s drought-related loans
  • Applications for interest-free loan terms will close 30 September
  • Applications received after 30 September will still have record low interest rates
  • AgriStarter Loan applications will open from 1 January 2021
  • An additional $50 million in RIC operational funding to deliver more loans

The additional funding is in response to solid demand for RIC's drought loan products and effectively doubles RIC's total farm and small business loan funds to $4b.

Minister for Agriculture, Drought and Emergency Management David Littleproud said unprecedented demand for the concessional loans showed what a useful support mechanism it had become for rural businesses.

"These loans have been critical in helping farmers and small businesses facing hardship due to the drought."

A new record low variable interest rate of 1.92 per cent for farm business loans and 1.46 per cent for water infrastructure loans will be effective from 1 August 2020.

Read more >

JobKeeper and JobSeeker changes announced by the Federal Government

22 July 2020

Yesterday, The Prime Minister and Treasurer announced an extension of the JobKeeper and JobSeeker payments as well as changes to the schemes that will take effect after the planned end date in September. 

JobKeeper 2.0

Key points:

  • Jobkeeper “1.0” will continue as planned until 27 September 2020
  • Jobkeeper “2.0” will apply for a further 6 months from 28 September 2020 through to 28 March 2021
  • The current $1,500 per fortnight subsidy will be reduced from 28 September 2020 with the introduction of a two tiered payment system.
  • Access to Jobkeeper 2.0 will depend on satisfying the decline in turnover tests for both the June and September 2020 quarters with the test reapplied for the December 2020 quarter for continued access from 4 January 2021.

The JobKeeper scheme which was originally due to end this September has been extended for a further 6 months for businesses and not for profits that continue to be in financial distress due to COVID-19. 

From 28 September 2020 to 3 January 2021, JobKeeper payments will be $1,200 a fortnight for eligible full-time workers and eligible business participants. Eligible employees and eligible business participants that worked fewer than 20 hours a week will receive $750 per fortnight.

JobKeeper payments will be further reduced starting on 4 January 2021. From 4 January 2021 to 28 March 2021 eligible fulltime workers and eligible business participants will receive $1,000 a fortnight. Eligible employees and business participants that worked less than 20 hours a week will receive $650 a fortnight. 

In order to determine how many hours that an eligible employee has worked, the four weeks for pay periods before 1 March 2020 will be assessed. Eligible business participants will be entitled to the higher rate where they were actively engaged in the business for 20 hours or more per week on average in the month of February 2020.

The Commissioner of Taxation will have the discretion to set out alternative tests where an employee or business participant’s hours were not usual during February 2020.

Read more >