Insights

While technology is racing and your job requires you to stay on top of your game, have you wondered whether the costs of seminars, conferences and other self-educational expenses are deductible?

Tax implications for agribusinesses can vary significantly depending on factors such as the nature of the agricultural activities, the structure of the business and the specific government regulations.

Below is a list of tax strategies and considerations to help primary producers manage cash flow and manage their situations while times are tough.

Division 293 tax is an additional tax imposed by the Australian government on high-income earners in addition to the normal taxes they pay. Division 293 tax is calculated separately from income tax and is specifically applied to concessional superannuation contributions that exceed the concessional contributions cap or to an individual’s income for surcharge purposes that exceeds the Division 293 threshold (currently at $250,000).

The ATO has been concerned about arrangements involving individual professional practitioners who redirect their income from an activity or business that includes their professional services to an associated entity where it has the effect of significantly reducing your tax liability.

As we approach the end of the Fringe Benefit Tax year for 2021/22, it is important for SME businesses to continue to maintain obligations ahead of the 31 March Year-End date.