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Author Archive for Brett

Beef producer gears up

Pictured: Brian Boyce and Luke of Black Truck Sales with beef producer, Stephen Martin and Accountant, Brett Otto. Stephen taking possession of his new cattle truck.

Beef producer Stephen Martin of Melksham Hills shows his commitment to the future of beef production by investing in a new Isuzu cattle truck. Thanks to Brian Boyce and the team at Black Truck Sales of Toowoomba, Stephen is geared up for future production.
(Pictured – handing over the new truck, Brian Boyce and Luke Mill of Black Truck Sales, along with beef producer Stephen Martin and agribusiness accountant, Brett Otto)

Black Truck Sales 4631 4200 blacktrucksales.com.au

Taxation concessions for Primary Producers

The government recently announced a series of tax law changes that could benefit farmers.

​​​​​​​​​​​​Extension to 30 June 2020 and Increase of the Instant Asset Write-off

On 2 April 2019, the Treasurer, the Hon. Josh Frydenberg MP, as part of the 2019-20 Budget, announced the increase of the instant asset write-off from $25,000 to $30,000, and an increase in the small business entity business turnover threshold from $10 million to $50 million.

This measure allows eligible small businesses, including those in primary production, to continue claiming a full deduction for business assets in the year they are installed, helping those businesses to improve their planning and cash flows.

Turnover Threshold to access the Small Business Entity Concesions

Prior to 29 January 2019 $20,000 $10 million
29 January to prior to 7:30 pm, 2 April 2019 $25,000 $10 million
From 7:30 pm, 2 April 2019 to 30 June 2020 $30,000 $50 million

Immediate deductions for fodder storage assets

Primary producers may be able to immediately deduct (rather than depreciate over three years) the cost of fodder storage assets, such as silos and hay sheds used to store grain and other animal feed, making it easier for them to invest in and stockpile fodder. Primary producers who store fodder for sale may also be entitled to this deduction.

This measure is available for fodder storage assets first used or installed ready for use on or after 19 August 2018.

Primary producers affected by drought and natural disasters

The Australian Taxation Office can help people affected by drought and other natural disasters with:
•more time to pay
•waiving penalties or interest charged at a time you were affected by drought
•payment plans with interest free periods
•adjusting pay as you go (PAYG) instalments to better suit your circumstances
•tax incentives for primary producers.

Coles Nurture Fund Grants for Farmers

Innovative farmers and food producers can now apply for grants up to $500,000 from the Coles Nurture Fund.

Applications close at 5pm AEST on Friday August 30, 2019. Contact our office, or go to:

http://www.coles.com.au/nurturefund

QRIDA cut their interest rates

QRIDA interest rates for farm loans are at an all time low, with the 1 year fixed rate at 2.40%.Contact our office, or go to:

http://www.qrida.qld.gov.au/existing-clients/current-interest-rates

Barry & Michelle Trousdell of Mt Binga Orchards, Blackbutt QLD

Barry Trousdell of Mount Binga Orchards, on farm with our Principal Accountant, Brett Otto.

Barry and wife, Michelle have built a successful Avocado production business from the ground up through hard work, sound decision making and by following our advice.

We guided them into their first Avocado farm and now they have a large enterprise with 7 farms and several employees.

Brett-&-Barry

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