Crops abound this year
After so many years of drought, it’s been good to see so many crops around our western district. Many of our clients will be starting harvest soon and we are praying for the rains to hold off. Hopefully, it will be a prosperous end of year, with another bountiful year ahead in 2021.
New tax rates
The Federal Government has introduced personal income tax cuts as part of the 2020–21 Budget. Employers will need to make adjustments in payroll processes for employees. Use the ato.gov.au/taxtables to withhold the right amount of tax. It will automatically be upgraded for those using Xero.
Instant asset write-off extended
The Federal Government also announced that any business earning up to $5 billion can now write off eligible expenses until June 2022. The measure will apply to eligible assets purchased from 6 October 2020 and first used or installed by 30 June 2022. The cost of improvements to existing eligible depreciable assets made during this period can also be deducted in full.
The first section of the Inland Rail has been completed from Parkes to Narromine, marking an advancement in the transport network for regional areas. Many of our clients will be able to take advantage of this rail corridor for export freight opportunities. The next stage of the project is the Narromine to Narrabri link.
The testing process for Jobkeeper 2 is more stringent than the first round. If you think you may be eligible, please get in touch with Anne. The next round will need to be lodged by 14 November 2020.
Grants for drought resilience
Applications are closing soon for a $10 million program aimed at building drought resilience, as part of the Federal Government’s Future Drought Fund. Organisations, farmer groups and individuals are urged to apply for grants of between $20,000 and $200,000 to help deliver on-ground activities that build drought resilience through natural resource management. Further details are available at www.agriculture.gov.au/ag-farm-food/drought/future-drought-fund with applications closing 30 October 2020.