Insights
4 Jan 2023, 7:00 PM
The ATO will be ramping up their audit activity this year, here’s why you should consider audit shield cover
6 Oct 2022, 4:52 PM
As skills shortages and global supply chain disruptions continue to impact farming businesses, you may be beginning to wonder how to best plan for a successful harvest.
12 Sep 2022, 1:35 PM
The Government has reinvigorated the 120% skills training and technology costs deduction for small and medium business. An election ago, the 2022-23 Budget proposed a 120% tax deduction for expenditure by small and medium businesses on technology, or skills and training for their staff. This proposal has now been adopted by the current Government and details released in recent exposure draft by Treasury.
12 Sep 2022, 11:53 AM
When John and I arrived in Esperance we'd been married for three weeks. John came from a dairy farm at Swan Reach in Victoria and I'd trained as a Home Economics teacher. Location 1504 Esperance had been allocated to John's father in 1959. The first 300 acres of land had been developed by contract, which John had financed from the proceeds of pigs.
26 Aug 2022, 11:46 AM
It seems as though lately almost everyone is talking about cryptocurrencies, telling you about their crypto investments, or asking you if you’re involved. However, when it comes to tax time, many people are either forgetting to declare their crypto investments or labelling them wrongly. If you are involved with cryptocurrency, the team at Smith Shearer are here to ensure that you are making smart decisions with your investments and declaring them correctly come tax time.
23 Aug 2022, 8:36 PM
Interested in the benefits of carbon farming but not sure where to start? We've got you.
17 Aug 2022, 12:36 PM
The ATO has now released Draft Taxation Ruling TR 2022/D1 Income Tax: Section 100A Reimbursement Agreements. If you operate within a trust structure, it’s vital you know about this ruling. While it’s complex information, we will try to break it down for you as much as possible. Read on…
28 Jul 2022, 4:45 PM
Helping the next generation of teenagers in Esperance to develop positive mental health and wellbeing is one of our aims when looking at how we can support the Esperance community. That’s why we are avid supporters of Adam Przytula’s Armed For Life social change enterprise, which helps students and adults develop resilience to overcome life’s challenges with ease.
28 Jul 2022, 9:13 AM
At Smith Shearer, we are an accounting firm based in Esperance, and we are more than just an accounting firm who can assist with the complicated taxes for our local farmers, but we can also help you as an individual or sole trader too.
12 Jul 2022, 12:55 PM
Farmers need to be aware of their safety requirements as doing nothing poses the biggest risk as farmers can now receive penalties without an incident occurring.
2 Jun 2022, 5:08 PM
Making superannuation payments on behalf of your employees prior to June 30 is an important tax planning strategy. When to pay your employees' Q4 super guarantee (SG).
24 May 2022, 6:05 PM
As a primary producer, you can elect to pay income tax at a tax rate based on your average income over the five previous years. This tax concession is called ‘income averaging’ or your ‘five-year average’. The purpose of income averaging is to even-out the income fluctuations experienced in primary production to ensure you don’t pay more tax over time than those taxpayers who are on similar, but consistent, incomes.
9 May 2022, 10:29 AM
If you haven’t heard of Primary production averaging (or your ‘five-year average’) before, you’re not alone. It’s a specialised area of agribusiness taxation. If your Accountant doesn’t specialise in primary production accounting, they may not know how to use your five-year average to your tax advantage, ensuring your maximum cashflow is kept in your business.
27 Apr 2022, 12:06 PM
See our breakdown of the tax measures impacting small business in Australia.Too many farming businesses are operating under a structure that doesn’t offer them risk protection and future opportunities.
20 Apr 2022, 2:31 PM
The ATO have recently begun reviewing new legislation regarding a trustee’s ability to distribute trust income across family members with lower tax rates. We initially discussed these rulings with you in our blog post on 28th March. Since then, the ATO have received a significant amount of feedback from Accountants across Australia in regard to a trust operator’s tax planning.
12 Apr 2022, 3:31 PM
The Australian Federal Budget 2022 was delivered on 29 March 2022 by the Federal Treasurer Josh Frydenberg. See our breakdown of the tax measures impacting small business in Australia.
5 Apr 2022, 2:47 PM
Western Australian farmers and agribusinesses have responded to the 2022-23 budget with mixed reactions. While there’s support for growers looking at carbon and biodiversity, many are questioning the government’s commitment to freight corridors, input supply chains and biosecurity.
28 Mar 2022, 4:48 PM
It’s the final week of March, and the outlook for grain producers across the region continues to be one of promise as speculation of continued increases to wheat prices continue. While the Ukraine-Russia conflict looks to impact grain exports from the region across the longer term, there is now also murmurs of major problems with China’s winter crops. Although China produces on average 5.5 times the amount of wheat Australia does, to meet their consumption demand, they are willing buyers of Australian wheat. This bodes well for the continued demand for our wheat for the remainder of 2022 and into 2023.
28 Mar 2022, 3:56 PM
Four new tax rulings have been released to address taxpayers utilising adult-child beneficiaries of family trust to reduce tax.
24 Mar 2022, 1:14 PM
With fertiliser prices reaching never-before-seen highs, and the cost of fuel soaring, it’s no wonder many farming businesses across the region are concerned about immediate cashflow in the lead-up to seeding.
23 Mar 2022, 7:20 PM
Agribusiness investment confidence has surged in the wake of a record grain harvest, but sky-rocketing input costs, including fuel, fertiliser and chemicals, have meant the cost of production is set to soar in 2022 and many farmers are facing immediate cash flow problems.
16 Mar 2022, 5:09 PM
I think we're all feeling the impact of the political unrest in Ukraine. While individuals are noticing the impacts across petrol bowsers, and in the grocery store, many small businesses are struggling to make a profit in the face of searing costs and limited supplies.
8 Oct 2021, 11:21 AM
Strategies for developing resilience in your small business or agribusiness to enable you to bounce back from challenges. A guest post by Adam Pryztula, Director of Armed For Life
23 Feb 2022, 10:56 AM
Cheryl says, I grew up in Ravensthorpe. It was – and still is – a small town, which is what I love most about it. Everyone has a sense of being in it together, and the community spirit is strong.
7 Feb 2022, 2:36 PM
Off the field and into the ins-and-outs of the business side of things, many agribusinesses across the region are considering how to utilise the harvest proceeds to reduce debt and help you build future wealth?
2 Feb 2022, 2:45 PM
As we are on the tail-end of the region's largest ever grain harvest, there are vital cashflow and tax planning considerations that should be taken into account.
29 Nov 2021, 2:29 PM
Mental health strategies for business owners, mental health first aid for accounting clients and business owners
24 Nov 2021, 3:33 PM
New legislation requires all company directors to apply for a unique Director Identification Number.
22 Nov 2021, 5:07 PM
Scamming is becoming more sophisticated and SMSF trustees are often the target.
21 Oct 2021, 2:08 PM
Super stapling is new legislation commencing 1 November 2021 and will affect how businesses onboard new employees.
1 Sep 2021, 11:54 AM
How to Spring Clean your business to improve efficiency (hint promote remote work and go paperless)
25 Aug 2021, 10:31 AM
Esperance Chamber of Commerce and Industry (ECCI) Business After Hours, hosted by Smith Shearer and Kitto & Kitto, 12 August 2021
27 Jul 2021, 5:30 PM
Another round of targeted Small Business Lockdown Assistance Grants have been announced by the WA Government to assist small businesses who were impacted by the recent four-day lockdown (from 12.01am on Tuesday 29 June, until 12.01am on Tuesday 6 July) and interim restrictions.
5 Jul 2021, 11:58 AM
On 29th May 2021, an announcement was made that the temporary minimum pension drawdown amounts would be extended until 30 June 2022.
9 Jun 2021, 3:19 PM
You may have seen that recently the ATO announced changes to the way businesses must now report Single Touch Payroll (STP). There is a chance this might affect reporting for your business, so to clear up any confusion, we’ve put together the below information to help you work out what you need to do.
9 Jun 2021, 3:00 PM
From 1 July 2021, the standard Superannuation Guarantee (SG) rate will increase from 9.5% up to 10%. It’s part of the government’s commitment to increase the SG by half a percent each year until 2025, when the SG rate will reach 12%.
9 Jun 2021, 3:10 PM
The ATO have recently expanded their data-matching activity into the Superannuation Guarantee (GS). This means employers obligated to pay SG are facing increased audit activity.
1 Jun 2021, 12:47 PM
If you intend to claim a tax deduction for super payments you make for employees in the 2020-21 income year, those payments must be accepted by the SBSCH on or before 23 June 2021.
18 May 2021, 4:39 PM
From an SMSF perspective, there were some welcome surprises for SMSF trustees, the key measures that you should be aware of are outlined in this article.
11 May 2021, 1:31 PM
The Western Australian Government has announced a targeted grants program to assist small businesses highly impacted by the recent Perth and Peel lockdown. Is your business eligible?
7 May 2021, 6:47 PM
Mothers Day is a great time to celebrate the mothers in your life, but it’s also a timely reminder for us all to recognise the value that working mums bring to the workplace every day of the year.
27 Apr 2021, 4:03 PM
Estate planning laws in all Australian states grapple with the tension between a Will-maker’s testamentary freedom (the right to give their property to whom they choose)
19 Nov 2020, 11:05 AM
Everything you need to know about the estate planning process or updating your estate plan.
1 Oct 2020, 7:10 PM
Everything you need to know if you are considering moving your business online.
27 May 2020, 5:03 PM
A reflection upon life in lockdown, for business owners and individuals alike.
4 Mar 2020, 5:20 PM
As we commence the third fiscal quarter, it’s a timely reminder to consider your options for the instant asset write-off as there may only be a limited amount of time remaining to claim this deduction.
11 Mar 2020, 4:20 PM
Whether your business is large or small, well-established or in start-up mode, you need to take a planned approach to managing cashflow during the holiday season. Here are few tips for keeping on top of cashflow management during the Christmas/New Year holiday period.
5 Jul 2022, 11:08 AM
If you are wondering what you could be claiming when it comes to home office expenses and you feel a little lost, we break it down for you (including the best ways to get the best return for you!)
19 Jul 2022, 7:13 PM
Are you aware of the two new incentives that were released in the March Budget? The Skills and Training Boost, and the Technology Investment Boost were both mentioned and released, however they aren’t legislated yet.
29 Sep 2022, 11:45 AM
Reminder: Changes to the Super Guarantee The ATO is reminding small business owners to pay the correct amount of superannuation for their eligible employees by the due date to avoid paying the superannuation guarantee charge (SGC).
29 Nov 2022, 1:29 PM
As previously communicated, the Federal Government introduced a regulation that will need to be adhered to by anyone that is a director of an Australian company. This applies to ALL companies, whether they are trading companies, trustee companies (i.e. Companies that are trustees of a Self-Managed Super Fund or a Family Trust), private companies and public companies.
12 Jan 2023, 11:20 AM
Investment into Artificial Intelligence (AI) technology can form an important part of annual tax planning for farming businesses. So, what tax deductions are available for farmers looking to invest in AI tools and training?
31 Jan 2023, 4:40 PM
Farming is a way of life that is passed down from generation to generation. For many farming families across the Esperance region and beyond, the family farm is not just a source of income, but a source of pride, heritage, and family values.
16 Feb 2023, 12:37 PM
Learn how grain sales and marketing can impact your tax position and cash flow, and the importance of tax planning in maximising your profits. Understand the tax implications of different grain marketing options such as cash contracts, pools, swaps, and futures, and get expert guidance on how to navigate them.
22 Feb 2023, 7:10 PM
This article discusses the Australian Taxation Office's updated guidelines on how to differentiate between employees and independent contractors, and the impact of these changes from a tax accounting perspective. Learn about the new approach, the factors that will be assessed, and what employers can do to ensure compliance with the legislation.
16 Mar 2023, 12:07 PM
Impressively, the sales of sustainably certified grain by CBH increased by 40% to 1.7 million tonnes in the 2022 financial year.
8 Jun 2023, 5:03 PM
In this week's issue of Cheryl+Ned, we explore several key developments and challenges in the agriculture industry. Firstly, we discuss the significant growth of Farm Management Deposits (FMDs), driven by positive business conditions and the rising interest-rate environment. Farmers are leveraging FMDs for tax planning and financial stability, while also benefiting from the growing interest in term deposits. Additionally, we delve into effective capital management strategies amidst rising interest rates, including alternative cash boost measures and government support such as Research and Development (R&D) Tax incentives. The article also highlights the implications of the natural gas shutdown in Esperance, which is impacting local agribusinesses. On a positive note, we celebrate the record-breaking grain trade experienced by Southern Ports, indicating ongoing market conditions and growth opportunities for growers. Lastly, we emphasize the importance of being cautious of tax scammers d
15 Jun 2023, 5:52 PM
This article highlights concerns about the implementation of the Aboriginal Cultural Heritage Act in the Esperance region. It emphasizes the need for a comprehensive framework that addresses practical and philosophical aspects. The lack of stakeholder engagement and clarity regarding Aboriginal cultural heritage on privately owned land are major issues. The article questions the state government's efforts to include the voices of those affected by the regulations. It also discusses the need for increased funding for First Nations groups managing cultural heritage issues. Ultimately, the article raises questions about the future direction and compliance capacity, urging the state government to address these challenges and guide agribusinesses and family farmers in protecting Aboriginal cultural heritage.
12 Jul 2023, 3:53 PM
In this blog post, we explore the newly introduced Small Business Technology Investment Boost and Small Business Skills and Training Boost, which provide small business owners with additional deductions on their tax returns. Discover how you can leverage these boosts to maximise your business's tax benefits while embracing digital innovation and investing in employee training. From understanding the eligibility criteria to tips on claiming the deductions and staying updated with Super Guarantee requirements, this post equips you with the knowledge to optimise your business tax return and propel your small business towards success.
19 Jul 2023, 5:37 PM
Discover the latest developments post-2022-23 Federal Budget as the Technology Investment Boost and Skills and Training Boost clear parliamentary hurdles. Unveiling a significant opportunity for businesses with under $50 million turnover, this blog unveils the 120% tax deduction for technology and skills expenses. Get ready to maximise these advantages with essential insights provided here
30 Aug 2023, 3:37 PM
Choosing the right website platform can be challenging, but it's essential for businesses of all sizes. This blog post discusses the factors to consider when selecting a website platform, such as your goals, budget, and technical expertise. It also provides tips on how to create a captivating online experience that connects with your audience.
14 Sep 2023, 12:51 PM
Elevate Farm Profitability with Natural Capital: Explore sustainable practices and research findings for eco-friendly, high-profit farming in Australia
21 Sep 2023, 11:25 AM
Delve into the fiscal changes of 2024 as we explore the impact of rising interest rates on Division 7A loans. Learn how these changes affect bank covenants and discover strategies for tax planning. Explore options like dividends, debt-to-equity conversions, and fund procurement, but remember to consult experts for personalised guidance.
9 Nov 2023, 4:00 PM
The RBA's recent interest rate increase is affecting grain farmers in Australia and worldwide. Local farmers face higher borrowing costs and increased expenses for on-farm grain storage, while globally, rising interest rates disrupt market prices and currency exchange rates. Although some local farmers are well-prepared, the long-term outlook suggests ongoing challenges for the industry. This article highlights the significant impact of economic policies on agriculture.
13 Dec 2023, 12:18 PM
Unlock farm profitability in 2024 with Mel's strategic insights! From financial forecasting to embracing technology, navigate market challenges for sustainable success. Connect with Mel for personalised guidance on maximising your farm's potential
14 Dec 2023, 2:30 PM
Is one of your new year’s resolutions to start using automations in your business accounting software?
21 Dec 2023, 11:30 AM
Wondering why you need to make those 'PAYG Instalment' payments to the Australian Taxation Office (ATO)? We get it. The PAYG Instalment system can be a puzzle, especially if it's your first go-round or you're unsure about the payment amount.
13 Feb 2024, 2:29 PM
Discover effective strategies for agribusiness and business tax planning with our essential guide on interim financial statements. Ensure timely and informed decisions to optimise your taxation position for the 2024 financial year.
11 Mar 2024, 5:07 PM
Diving into the details of Capital Gains Tax (CGT) in Australia, especially if you own a large property over 2 hectares, might seem overwhelming at first. However, by understanding some basic rulings surrounding CGT, you’ll be able to plan wisely when it comes to selling your home.
17 Apr 2024, 4:55 PM
Discover insights on farm succession planning from the CommBank Annual Breakfast event at 'Farm World' in Victoria. Learn why proactive planning with experienced advisors is crucial for farming families across Australia, and gain valuable advice on navigating the complexities of succession. Start your succession journey early with guidance from experts like Director Gavin Smith to secure your family legacy.
24 Apr 2024, 3:19 PM
Learn how to handle your business name renewal directly with ASIC and avoid extra fees from third-party providers. Get tips on distinguishing between genuine and scam notifications to protect your business. Need help? Contact us today!
16 May 2024, 12:27 PM
The extension of the instant asset write-off for another year provides eligible small business owners with the opportunity to claim immediate deductions for assets costing less than $20,000. This initiative, aimed at businesses with an aggregated turnover of less than $10 million, requires that qualifying purchases be installed and ready for use between July 1, 2024, and June 30, 2025. The $20,000 threshold applies on a per asset basis, allowing multiple write-offs.
16 May 2024, 2:45 PM
Discover the key superannuation changes from the 2024-25 Federal Budget, including new taxes on large balances, updates to Paid Parental Leave, enhanced fraud detection, and changes to contribution caps. Learn how these measures impact both individuals and businesses.
29 May 2024, 2:53 PM
Explore the impacts of the live sheep export phase-out in Western Australia, including threats to farmer livelihoods, potential job losses, and broader economic consequences for the agriculture industry.
10 Jun 2024, 5:36 PM
Explore the key compliance considerations for Self-Managed Super Funds (SMSFs) investing in cryptocurrency. This comprehensive guide covers the Australian Taxation Office (ATO) data-matching initiatives, capital gains tax (CGT) implications, and critical information SMSF trustees need to know. Understand the risks associated with cryptocurrency investments, including fraudulent exchanges, cybercrime, and platform collapses. Learn about the responsibilities of SMSF trustees, trust deed requirements, and regulatory compliance under the Superannuation Industry (Supervision) Act (SISA). Ensure your SMSF's cryptocurrency investments are managed effectively to meet compliance standards and mitigate risks.
31 Jul 2024, 4:16 PM
Collecting extensive customer data is common for many organisations, but safeguarding this information is crucial. Here's how you can ensure your data compliance requirements are met effectively in Esperance, Western Australia.
1 Aug 2024, 6:33 PM
Your business may be able to receive a bonus 20% tax deduction for certain types of expenditure that support electrification and more efficient use of energy. To be eligible, you must have purchased and eligible asset or made an eligible upgrade of an asset in the period 1 July 2023 to 30 June 2024.
1 Aug 2024, 6:45 PM
Protect your SME or agribusiness in Esperance with essential asset protection strategies. Learn how to safeguard your assets from risks like creditor claims, lawsuits, and financial challenges. Ensure long-term stability and success by understanding legal compliance, customer trust, and the balance between tax efficiency and asset protection.
29 Aug 2024, 10:21 AM
With the new Fair Work Legislation Amendment (Closing Loopholes No. 2) Act 2024 coming into effect, agribusinesses, particularly those without dedicated HR professionals, must navigate significant changes in industrial laws. These include a new definition of casual employment, the right for employees to disconnect outside work hours, and the potential for increased labour costs and compliance obligations. To stay compliant, it's essential for agribusiness owners to seek expert advice, update payroll systems, and adopt strategic budgeting practices to manage the financial implications of these reforms
9 Sep 2024, 12:22 PM
Discover how a phased approach to farm succession planning can ease the transition between generations, allowing families to maintain stability and develop the skills needed for long-term success. Learn how to gradually pass on responsibilities while securing the future of your family farm.
19 Sep 2024, 4:23 PM
Learn how investing in farm safety can protect your team and maximise tax savings this harvest season. From first aid training to machinery maintenance, discover key tax-deductible safety measures and smart strategies for managing seasonal staff.
9 Oct 2024, 9:42 PM
Discover why integrating Environmental, Social, and Governance (ESG) factors is essential for Australian agribusinesses. Learn how grain farmers in Esperance can turn ESG compliance into a competitive advantage, improve sustainability, and build stronger market connections. Explore practical tips for better governance, resource management, and social responsibility to future-proof your farm. Read more at Smith Shearer.
28 Oct 2024, 4:07 PM
Everything you need to know about the estate planning process or updating your estate plan.
14 Nov 2024, 6:35 PM
With the global agricultural blockchain market set to reach over USD 21.46 billion by 2033, this technology is making waves in traceability, sustainability, and financial management—all areas that can add value and efficiency to your operation. Here’s a breakdown of how blockchain might benefit your business and why it’s worth your attention.
18 Nov 2024, 3:34 PM
Even for seasoned business owners, accounting missteps can create unnecessary roadblocks to growth and efficiency. From cash flow management to tax compliance, overlooking the details can lead to lost opportunities and financial strain. Here’s a closer look at common pitfalls and how to stay ahead of them.
2 Dec 2024, 2:48 PM
Discover why farm succession is more than just a technical process. Explore the emotional and relational challenges involved, and learn how to create a successful plan that balances legacy, fairness, and family dynamics.
18 Dec 2024, 4:58 PM
Discover how to set your farming business up for success in 2025 with strategic leadership and planning. Learn practical tips to inspire your team, embrace technology, balance profit with wellbeing, and plan for the future. Use the festive break to reflect, set goals, and create a thriving, sustainable farm.