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A new law change means primary producers can claim a deduction for the full cost of a fodder storage asset if they:

  • incurred the expense either
    • on or after 19 August 2018
    • before 19 August 2018 and it was first used or installed ready to go for use on or after 19 August 2018
  • mainly use it to store fodder
  • use it in a primary production business on land in Australia - even if they are only a lessee of the land.

Claim the deduction in the year they incurred the expense.

Fodder storage assets include silos, liquid feed supplement storage tanks, grain storage sheds, hay sheds and above-ground bunkers.

If you are impacted by drought, the ATO have drought help (/General/Financial-hardship/In-detail/Help-for-drought-affected-taxpayers) help assistance available or phone them on 1800 806 218 to discuss your situation.

 

The NSW Government has announced an additional drought assistance package.

The $500 million Emergency Drought Relief Package announced on 30 July 2018 contains: 

  • Approximately $190 million for Drought Transport Subsidies 
  • Approximately $100 million for cutting the cost of farming fees and charges by waiving Local Land Services rates, fixed water charges in rural and regional areas, and class one agricultural vehicle registration costs, and 
  • $150 million to bolster the Farm Innovation Fund (FIF) infrastructure program.

Transport subsidy applications opened Monday 6th August. A subsidy of up to $20,000 per farm business can be claimed, and backdated from 1 January 2018. Please contact the Rural Assistance Authority on 1800 678 593 or click here for information and applications. 

For more information on the NSW Government’s emergency drought relief package visit www.droughthub.nsw.gov.au.

Please see below pay rates for Station Hands, Farm Hands and Shearing Operations for the 2018/2019 year:

 

On 8 May 2018 the Federal Government announced the 2018/19 Budget.  The National Tax and Accountant Association (NTAA) have issued a budget summary with a list of changes, to view this Summary please click here.

On February 26 the ATO will be joining the SBSCH service to their online services Business Portal.  For more information on what you need to do to prepare for these changes please click here.

Tax Scammers at work again!  Warning to all clients not to give out any information from scammers pretending to represent the ATO.  For more information please click here

Effective 1 July 2016 the Minimum Rates of Pay will increase by 2.4%.  For more information please click here

Are you aware of your requirement as an employer to provide any new employee with a Fair Work Information Statement? Did you know that if you employ a part time person that many Modern Awards require you to enter into an agreement regarding the hours that will be worked. The NSW Industrial Relations have a recorded webinar called 'Employer Obligations when engaging a new employee' which will be available from the first week of April that will provide employers with details relating to best practice process as well as legal obligations when engaging new employees.

 

This link takes you directly to the recorded webinar page on the NSW IR website.

The ATO has created a new mydeductions App for individuals who are able to claim work related expenses as an employee. Work related expenses that can be recorded include:

  • capture and classify work-related expenses, gifts and donations or the cost of managing your tax affairs
  • store photographs of receipts
  • record car trips

The myDeductions App is not for small business or sole traders.

For more information click here

 

 
 

 

 

 

We thought our clients may find this article an interesting read on farming in the future.  Please click here to go to article.

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