Welcome to our January Monthly Newsletter! 

Happy New Year! We hope you have had a great Christmas. We are looking forward to being back in the office when we open on Monday, 6th of January at 8.30am. If you would like to get in early then we encourage you to schedule your own appointment through our website whilst we are out of the office.

Monthly tax tip:

We are currently in the middle of a terrible drought which affects many Australians but will greatly affect primary producers. As our grounds dry up and the grass becomes non-existent, farmers are relying on fodder and bought water to keep their livestock alive. In these circumstances it may be appropriate to sell livestock that aren’t able to be properly maintained due to the increasing cost of fodder and water in the midst of a drought. After a large sale, the farmer may have profited quite substantially when compared to other income years – which of course creates a tax problem. Luckily enough, there are some tax relief options available to avoid paying large tax rates for forced livestock sales. A primary producer can elect to spread the income from a forced sale or defer the profit and use it to reduce the cost of replacement livestock over a period of five income years. This deferred profit can then be brought back in a low income year or just spread evenly over the five year period. You can use this method if you dispose of livestock or they die because:

  • Your land is compulsorily acquired or resumed under an Act
  • A state or territory leases land for a cattle tick eradication campaign
  • Pasture or fodder is destroyed by fire, drought or flood and you will use the profits mainly to buy replacement stock or maintain breeding stock for the purpose of replacing the livestock
  • They are compulsorily destroyed under an Australian law for the control of a disease (including bovine tuberculosis) or they die of a disease
  • You receive official notification under an Australian law dealing with contamination of property.

If you would like to schedule a consultation with us then please jump onto our website where you can see our availabilities and book a time that suits you.

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Important Dates!

21 January:

  • Lodge and pay December 2019 monthly business/instalment activity statement

28 January:

     •    Make super guarantee contributions for quarter ending 31 December 2019 to funds by this date

31 January:
•     Lodge TFN report for closely held trusts for quarter ending 31 December 2019

Click to email us about the above
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