WHAT’S NEW IN PARLIAMENT? Small business instant asset write-off For more than 20 years, small business entities have been able to immediately write-off the full cost of depreciating assets so long as the cost of the asset is less than the relevant threshold. The threshold…

The $38.6m package announced by both state and federal governments for the rollout of the electronic identification (eID) tags for sheep and goats has sparked mixed reactions across the agricultural community. While this technological advancement may seem like just another expense further challenging our farmers…

There is much discussion and comparison between the family farm and farming activities undertaken by corporate farms. "Family farm" and "corporate farm" are often defined as mutually exclusive terms, with the two having different interests, and in the US (less so in Australia) there is…

In the “Understanding the Resilience of NSW Farmers” study conducted by Canberra University (2015), Jacki Schirmer and Ivan Hanigan state that: “While the questions asked about ‘farm business planning’ and did not include specific evaluation of planning for the other aspects of the farm such…

Government taxation arrangements for Medicare are complex.  They provide: incentives for high income earners to have private health insurance by charging higher levels of tax through the Medicare Levy Surcharge; Incentives for those on lower incomes with a Private Health Fund Rebate; and Incentives for…

The Tax Institute - NSW Tax forum 2023 The NSW Tax Forum is established as one of the premier taxation events in Australia and each year our team attends to ensure we are continuing to develop our knowledge and understanding. This year's forum was attended…

Dodging the pitfalls With the ATO cracking down even more this year, experts highlight 10 ways to stay out of the limelight and maximise your returns. Duncan Hughes reports.Taxpayers face unprecedented scrutiny this year as the Australian Taxation Office rolls out new priorities, strategies and…

Choosing the right business structure(s) for your family business is a key business decision. Your business structure is one of the key foundations on which a family business is built. Any decision regarding structure will impact many aspects of your business, including risk management, capital…

I read an article quite some ago in the Australian Financial Review (10 March 2017) regarding farm succession in Iowa, illustrating that many farm succession issues are universal. In her article  “Retirement the kiss of death: Many Iowa farmers don’t plan to put their feet…

One of my favourite texts is The 7 Habits of Highly Effective People by Stephen Covey, with Habit 2 being,  “begin with the end in mind”. The principles behind Habit 2 are that all things are created twice. There is a mental or first creation…