Our survey’s coming soon!
We have developed a survey to gauge our level of communications so that we may better assist your needs in the future. The questions relate to our social media, monthly newsletter and other ways we touch base with you.
Please let us know how we can assist by visiting Survey Monkey and answering a few questions, it will only take a few minutes to complete.
Update on grants to farmers and small business in the rural area
Some good news for our primary producers this month with an increase in the off-farm income offset from $80,000 to $100,000 and extension of circumstances in which the offset provisions can be claimed. Those affected by bushfires can also apply for a Special Disaster Grant of up to $75,000 to help pay for recovery costs while the Rural Assistance Authority now includes transport of fertiliser and farm chemicals.
It’s not just farmers who can seek assistance. Small businesses supplying drought-affected farm businesses can also apply for financial relief, with loan applications now open for the Regional Investment Corporation’s (RIC) new AgBiz drought loan.
Other Australian Business Grants
The government has allocated funding in the form of agriculture grants and assistance provisions to overcome the issues crippling agriculture and primary production.
These grants are open for applications and can be obtained by any Australian businesses operating within this sector.
Support payments ranging from $15,000 to $20,000 are also available to Australian businesses that are willing to employ job seekers. Employment incentives and grants are also offered for the purpose of making modifications to the work place, catering to special needs employees, creating mental health awareness, first aid training and other activities that contribute to create more jobs in the economy whilst improving employee workplace conditions.
Grant guidelines and criteria are provided in the program information. Contact our team of advisors if you are in this sector and seeking out assistance options available to you.
Visit australiangrants.org or call 1300 005 999 for more information.
Buying or selling?
If you have decided to sell your home or farm, there are a number of considerations which need to be made before signing on the dotted line. Firstly, you need to consider your tax obligations, including income tax, capital gains tax (CGT) and goods and services tax when dealing in property or land. This includes buying, selling, tenancy, investment, development or renovating for the purpose of making a profit, such as flipping a property.
Generally, you don’t pay capital gains tax (CGT) if you sell the home you live in (under the main residence exemption). You also can’t claim income tax deductions for costs associated with buying or selling your home.
But you should keep all the records relating to your home so that if things change – for example, you start to rent it out or otherwise use it to produce income (such as flipping the property) – you don’t pay more tax than necessary.
A second property, such as a holiday house or hobby farm, is subject to CGT.Similarly, you’re not liable for goods and services tax (GST) when you sell your home and you can’t claim GST credits on any costs associated with buying or selling it (except in some circumstances where you’re in the business of building or renovating properties).
Some states charge stamp duty when you buy a property, including a home. Some states also levy land tax on land that exceeds a certain value, though the property you live in is usually exempt.
Business.gov.au has links to more information about stamp duty and land tax in the various states and territories.
What we love about Xero
If you haven’t switched to Xero yet, what are you waiting for? Xero has revolutionized accounting software and it’s a gamechanger for small businesses. So many of our clients love to use Xero in their practices, we’d love to help you make the transition too. With Single Touch Payroll requirements, it is a perfect time to make the switch. The basic package is part of our service, while for just $10 a month, we can add payroll.
The broader Xero network is very supportive and we are proud to be part of association of accountants and bookkeepers as they change the direction of businesses across the world!
Grow your super
There are a number of ways you can grow your super to make a positive difference to your lifestyle in retirement. If you are, or have been employed, you should make the most of employer’s contributions by checking your employer’s super guarantee contributions are paid into your fund, letting us know if you have unpaid super from your employer and keeping track of your super and searching for any lost or ATO-held super. Six tips to grow your super:
- Know how super works. It seems obvious, but the first step to rocking your super is to understand it.
- Choose a fund that works for you.
- Track down lost super.
- Consolidate your super funds into one.
- Make your own contributions.
- Tap into expert advice.