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. With a review recently established for farming families to have their say, now is the time for you to point out what is working and what improvements need to be made. If you have a complaint, we would encourage you to make a submission by completing a short survey or a longer written response. Register your interest at https://haveyoursay.agriculture.gov.au/fha-review-2018 or via email to FHAReview@agriculture.gov.au or phone at 02 6272 2449. If you are having trouble with the paperwork and would like our advice, please give us a call.
Xero goes to two-step
Xero has introduced two-step authentication to provide an extra level of security for customers. All you have to do is download the authenticator app, provide your email address and the authentication code will be generated to your mobile phone or computer. If you’ve enabled the two-step authenticator but don’t have access to your app, you can use a recovery option to gain access to your account. In Xero, the recovery option requires a response to three personal questions or entering a code sent to the email address you’ve nominated for recovery. Click on https://tinyurl.com/y6uuo3bj and press the play button to get started. If you still need some guidance, call or email us.
Fast-tracking tax cuts
The Federal Government has fast-tracked legislated tax cuts to small and medium businesses by bringing them forward five years.
Companies with an aggregated turnover of less than $50 million will have a tax rate of 25 per cent in the 2022 income year instead of during 2027 as previously estimated. The increase in the tax discount to 16% for unincorporated entities will also now apply from the 2022 income year.
Scammers impersonating tax agents
The ATO has received increasing reports of a new take on the ‘fake tax debt’ scam, whereby scammers are now impersonating registered tax agents to lend legitimacy to their phone call. The fraudsters do this by coercing the victim into revealing their agent’s name and then initiating a three-way phone conversation between the scammer, the victim, and another scammer impersonating the victim’s registered tax agent or someone from the agent’s practice.
As the phone conversations with the scammers appear legitimate and the victims trust the advice of the scammer tax agent, victims have been falling for this new approach. Read more on our website at www.peacockeaccountants.com.au
Australians to benefit from indexation
Around 4.7 million pension and allowance recipients will receive an increase to their welfare payments from 20 March. The increases will help pensioners and allowance recipients to keep up with increases in living costs.
Pension payments including Age Pension and Disability Support Pension will increase by $13.20 a fortnight to $907.60 for singles, and by $19.80 a fortnight to $1,368.20 for couples combined. A range of income and assets limits for pensions and allowances will also increase as a result of indexation. Payment rates for pensions and allowances are adjusted twice a year. Pension increases are linked to prices and wages, and allowances are linked to the Consumer Price Index. Full details of new rates and thresholds is available at www.dss.gov.au
Central West Farming Systems
Central West Farming Systems (CWFS) is an independent, farmer-based research group operating across the lower rainfall, mixed farming region of Central West NSW. Formed in 1998, the group now has more than 300 members primarily made up of farmers but also private and public sector advisers, researchers and stakeholders.
The focus is on maintaining profitable farming systems while promoting innovation and business for long term economic, social and environmental viability. If you would like to know more, visit the CWFS website at www.cwfs.org.