Farm Household Allowance review The Farm Household Allowance is aimed at farmers experiencing financial hardship as a result of the drought. However, feedback suggests that application for the support program has not been a straight-forward process. In fact, many farmers have been saying just how difficult it has been as a daunting and frustrating experience.…
This month, we are solely focused on drought relief offered through the Rural Assistance Authority along with Federal Government initiatives which can help to ease the burden of the ongoing tough conditions. If you are struggling with managing finances, please get in touch with us for assistance and advice. The Rural Financial Counselling Service…
Farm Household Allowance This is the topic on everyone’s lips at the moment but there seems to be some confusion about eligibility. The main change in assistance is that there will now be two lump sum supplementary payments worth up to $12,000 for eligible households. The government has also adjusted the assets threshold to allow…
Check out the tax app! It’s a great time to start using the ATO app for a quick and easy way to keep records and stay organised. If you’re a sole trader and don’t earn personal services income or have any income from primary production, you can use the ATO app’s myDeductions tool to simplify…
An additional $190 million in drought relief funding announced by the Federal Government is geared towards helping struggling farming families across the state. An extra $12,000 has been added to the Farm Household Allowance Scheme (FHA) while the net asset threshold cap for payments has increased to $5 million, allowing access for more farmers. An…
New Financial Year One year has ended and a new one commenced. What a year it was – and will be! Happy new financial year! We are announcing some major changes on how we conduct our business and we hope you find these beneficial. Staff changes We are delighted to announce that Ritnesh Kumar is…
Many of our business clients like to review their tax position at the end of the income year and evaluate any year-end strategies that may be available to legitimately reduce their tax. Traditionally, year-end tax planning for small businesses is based around two simple concepts: accelerating business deductions and deferring income. Small Business Entities (SBEs)…
Five times when it makes sense to buy used products If you are trying to save money, switching from brand new goods to used items can make a lot of sense. Buying used doesn’t always make sense, but exploring the pre-owned market is one of the best ways to save on many different classes…
If you feel overwhelmed by the sheer volume of technological gadgets out there, never mind apps and other digital “solutions”, you’re not alone. Technology sprawl and the rabbit hole of more and more information, available all the time, is making productivity—and healthy downtime—a real challenge for many of us. Although we may be quicker…
Marketing program for rural producers For those interested in some niche marketing of their produce, this is the program for you. Primary producers within the areas of Dubbo Regional, Gilgandra, Mid-Western Regional, Narromine, Warren and Warrumbungle Regional Councils are invited to participate in the Regional Platters program organised by Dubbo Regional Council. With strategic marketing…
Many people who make their livelihood from farming are doing it tough at the moment, with little to no rainfall received for months on end. The NSW Government has extended a lifeline to farming families for assistance in the form of a Drought Transport Fund. Available immediately, the assistance includes low-interest loans of up to $20,000…
BMT Tax Depreciation has shared its top three tips for property investors looking to optimise their property portfolios this year in light of changing market conditions. BMT has worked with more than half a million Australian property investors to help them to uncover legitimate tax deductions for the wear, tear, and ageing of their investment…
The ATO has published the key superannuation rates and thresholds for the 2018/19 income year. As such, the Non-Concessional Contributions cap will remain at $100,000 (although transitional arrangements may apply), and the Concessional Contributions cap will remain at $25,000. The CGT cap amount will be $1,480,000 and the Division 293 tax threshold will be $250,000.…
Dry weather brings hard times Dry weather abounds and rain continues to elude us in the local region. If this is causing you undue hardship and financial strain, then we are here to help. We can discuss your situation, including budget and the options available to ease the pressure. Call in for a chat or…
Time to turn plans into action With summer already behind us, now is the time to turn your New Year’s plans into reality. Acquainting yourself with Figured is just one of the ways in which you can take action. Combining farming knowledge with accounting expertise and the power of technology, you will soon be equipped…
The Federal Government has announced a review of the current rules governing early release of superannuation on compassionate grounds or severe financial hardship. The review will also include the circumstances in which a perpetrator’s superannuation should be available to pay compensation or restitution to victims of crime. The review will not examine other general conditions…
“A business mentor is a brain to pick, an ear to listen, and a push in the right direction.” — John Crosby The opportunity to learn from a mentor can do more for a small business owner than any course, educational program or degree. Being a mentee means you get the benefit of first-hand experience without…
As 2018 begins As the new year gets underway, we would like to wish our clients good health and a prosperous year ahead. Whatever business you do, know that we are there by your side offering advice and assistance for future successes. New Year’s resolution Every year, many of us start with resolutions. At Peacocke…
