Tax

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?

Are you aware of the ATO Reporting Requirement due 28 August each year?

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.

As Tax Time approaches, the ATO has announced it will be focusing on three commons errors made by taxpayers, and cracking down on Division 7A mistakes.

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).

In January 2024, the government announced that it would redesign the Stage Three tax cuts that were initially announced by the former government in 2018. The new rates were designed to provide larger tax cuts to low and middle income earners and reduce the tax cuts for those earning $160,000 or more.

As part of the 2022-23 Budget, the government introduced the Small Business Technology Investment Boost. Small businesses (with an aggregated annual turnover of less than $50 million) are able to deduct an additional 20% of expenditure that is incurred to support their digital operations and digitise their operations.

As we approach the Christmas period, many businesses will now be considering the festive season, with planning and organisation of celebrations for workplaces, employees, clients, and associates well underway.

In approaching the end of the Financial Year, we provide key analysis into potential tax changes to take effect from 1 July 2023, with potential insights covering Instant Asset Write-Off, Fringe Benefit Tax, and Superannuation.

For business owners, as we approach the End of the Financial Year, it is important to gain a true understanding of your potential tax position and establish a variety of business strategies for EOFY 23 and leading into FY24.