10 January 2019
The Federal and State governments are working together to deliver $12 million in rebates for drought-affected livestock farmers to buy and upgrade on-farm water infrastructure. Farmers in NSW will be able to apply for the rebate from 14 January 2019.
Through this scheme, drought-affected livestock farmers in NSW can claim up to 25 per cent on new farm water infrastructure costs up to a maximum of $25,000. Farmers in NSW can apply for the rebate via the NSW Rural Assistance Authority website at www.raa.nsw.gov.au or call 1800 678 593. We understand that the relevant information on the RAA website will be available next Monday. The rebates will cover eligible work undertaken since 1 July 2018. The expenses must occur in the same financial year as your claim.
Based on information provided by the Department of Agriculture and Water Resources, in order to apply you must be a primary producer, a property owner, share farmer or lease holder, in an area defined as drought affected and in the grazing industry.
The rebate scheme can be applied to new purchases and installation of pipes, water storages and water pumps, de-silting dams, and associated power supplies such as generators. New infrastructure must be for grazing livestock that you own (not agisted), be for an animal welfare need and improve your drought resilience. For more information, click here.
We encourage you to contact the RAA or access their website for further information or speak to your Boyce accountant.
22 December 2018
Downsizer contributions present a one-off opportunity for individuals aged 65 and older to increase their superannuation balances. Downsizer contributions can be made if you sell an eligible property and meet the other eligibility criteria.
The only eligibility criteria for the contributor are that they are 65 or older and they have not previously made a downsizer contribution from another property sale. Unlike other super contributions, the contributor does not need to meet the work test or have a total super balance of less than $1.6 million. This means you could be eligible even if you’re retired, over 75 or have more than $1.6 million in super.
21 December 2018
Government-backed, low-interest loans from the Regional Investment Corporation (RIC) have been doubled from up to $1 million per eligible farm business, to a new ceiling of $2 million.
The federal government launched the Orange-based RIC on 1 July 2018 to replace state agencies’ loan schemes. Its purpose is to deliver farm investment loans and drought loans to help farm businesses prepare for, manage or recover from the effects of drought.
How do the loans work?
The RIC’s two loan products offer a 10-year term with interest-only repayments for the first five, a variable interest rate of 3.58 percent and no fees. The frequency of repayments, and how much principal must be repaid in the second half of the loan before it is refinanced with a commercial lender, is tailored to each business.
The Drought Loan can be used for farm-related activities including refinancing debt, funding drought related activities, enhancing productivity, or paying for operating expenses and capital improvements.
20 December 2018
December is a prime time for virus, malware (malicious software) and phishing emails because people are busy and it's easy to get distracted. While there are gifts to be purchased, food to be prepared and parties to be attended, we recommend that you remain vigilant with emails to ensure your computers and data are protected.
Here are some things to remember:
19 December 2018
Australia’s top regional accounting firm Boyce Chartered Accountants has announced the appointment of Iain Elliott (pictured second from right) to Director at its Cooma office, just seven years after he started with the firm as a graduate.
Having grown up in Cooma, Iain joined Boyce as a Graduate Accountant in January 2011 after completing his studies through the Australian National University in Canberra.