The ATO has been trying to crackdown on the use of trusts for many years and has recently released the following draft ruling, guideline and taxpayer alert relating to trust distributions that have associated reimbursement agreements: Draft Taxation Ruling (TR 2022/D1) – this deals with the ATO’s views on when section 100A will apply; Draft Practical Compliance Guideline […]
The expansion of Single Touch Payroll (STP2 / STP Phase 2), significantly increases the amount of payroll information that needs to be reported to the ATO. It is hoped that this additional reporting will assist in ensuring employees are paid correctly as well as reducing the need for employers to report information about employees to […]
When you decided to take on the farm, you knew it was a lifestyle choice. Early mornings, and long days outside. Demanding physical work, hats and dusty boots. The sun, the rain, the freedom to be your own person. Independence, ingenuity and isolation – no rat race for you or your family. You live by […]
When you are young life seems to stretch out in front of you – and it seems like you have an almost infinite amount of time at your disposal. You are strong and healthy and not much threatens that feeling of invincibility. Plenty of time to achieve any ambitions, and in any case, you can’t […]
Getting any succession plan right is important, but farming succession plans have complexities not seen elsewhere because of the many and varied vested interests of family members. Financial and emotional ties that bind a family together but equally can break both the family and the business if not recognized and treated properly in the family […]
One of the key components in the process to formulate your family farm succession plan is the family meeting. You need this because everyone involved should be on board with the plan otherwise all you have is a piece of paper. But get this wrong and you may not even get as far as the […]
When you ask someone you are meeting for the first time what he/she does for a living and he tells you that he is an accountant, what images go through your mind? Ok don’t answer that! We know that a lot of the time you are probably thinking tax, accounting, compliance – that sort of […]
Ok, so you don’t have to ask all of these questions tonight, but do ask them sometime in the near future. This can be informal, and make it clear that you won’t necessarily have an immediate response, but that you will take their answers seriously. Try not to debate the answers you receive, although further […]
At first glance you may think that it is a bit strange to ask if accountants are failing farmers and you might be quick to answer: no! Your accountant delivers what you have asked him to do for more years than you care to remember and apart from his fee, there’s not been much to […]
There’s not much you don’t know about farming and you know your farm like the back of your hand. You grew up on the farm and worked hard to help your father back in the day. He taught you much of what you know, but you also studied hard when the time came and you […]
I was invited to visit with one of our long standing station clients last week, ostensibly to start the process on how and when to hand on the station business to the next generation. For our client, they had been mulling over this dilemma for quite some time and they were unsure on what steps […]
It’s no secret that country communities are often very close and that friendships lasting a lifetime are formed. Neighbours tend to have similar aspirations when it comes to the farming business and they endure the same hardships. But that doesn’t necessarily mean that neighbours will take the same approach to the business itself and some […]
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