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tax deduction

Catalogue: GRDC Updates
There comes a time when the family evolves, that the benefits provided by a partnership structure of individuals or assets held jointly or as tenants in common, begin to decline... The moral of the story is that you should ensure that the business is conducted in a structure separate and independent from yourself and that your assets are held in a structure(s) that provide control and ownership rights are held separately from you as an individual... Where land is held in people's own names or as joint tenants there are issues that need to be addressed if the family wishes to transfer land to the next generation...
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Catalogue: GRDC Publications
2013 GRDC Farm Business Update for Growers and Advisers - Launceston 77 Once we introduced this strategy to our clients not only did it save them tax initially we noticed another interesting phenomenon and this is demonstrated in the figure below... To encourage reflection, a program or timetable is required to ensure reflection takes place... (Please circle) YES/NO 2013 GRDC Farm Business Update for Growers and Advisers - Launceston 109 5 - Please indicate your degree of satisfaction with the presentations on a scale of 0 to 10 where 0 is totally unsatisfacto,r 5yis moderately satisfactory and 10 is totally satisfactory in regards to: a)How relevant the information presented is to you in working with your rural clients b) How easy it was to understand c)How useful it will be to you when workingwith your clients Easy to Relevance Usefulness Comment understand Local, National and global economic outlook and the potential impact for Tasmanian agriculture Saul Eslake ............................................... ............................................... .................................................
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Catalogue: GRDC Publications
2013 GRDC Farm Business Update for Growers and Advisers - Launceston 77 Once we introduced this strategy to our clients not only did it save them tax initially we noticed another interesting phenomenon and this is demonstrated in the figure below... To encourage reflection, a program or timetable is required to ensure reflection takes place... (Please circle) YES/NO 2013 GRDC Farm Business Update for Growers and Advisers - Launceston 109 5 - Please indicate your degree of satisfaction with the presentations on a scale of 0 to 10 where 0 is totally unsatisfacto,r 5yis moderately satisfactory and 10 is totally satisfactory in regards to: a)How relevant the information presented is to you in working with your rural clients b) How easy it was to understand c)How useful it will be to you when workingwith your clients Easy to Relevance Usefulness Comment understand Local, National and global economic outlook and the potential impact for Tasmanian agriculture Saul Eslake ............................................... ............................................... .................................................
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Catalogue: GRDC Publications
Overall, global recovery is expected to broaden over the medium term provided systemic risks continue to dissipate; new structural policies emerge; and financial conditions remain supportive and orderly... 2014 GRDC Farm Business Update for Growers and Advisers - Merredin WA 34 Over the last twenty years we have seen an over emphasis in relation to the science of agriculture... 2014 GRDC Farm Business Update for Growers and Advisers - Merredin WA 51 Once you have determined your requirements over the next 8-10 years you need to attribute an estimate of the likely cost of replacing this equipment...
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Catalogue: GRDC Updates (South)
The adoption of a production system where only crops have to be managed, can be rationalised on the basis that a manager is likely to perform better in an area in which he or she specialises and prefers... Managers need to focus on the unit Cost of Production (before interest), or Break Even Price (after interest), to ensure that there is sufficient margin between these figures and their expected returns... It is appropriate that when a property is purchased, a qualified assessor be engaged to provide a depreciation and capital works report...
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Catalogue: GRDC Updates (South)
In summary Bob has the ability in this example to exchange assets for cash and tax deductions... In summary Bobs rental and concessional contributions which he has claimed a deduction for are being used to reduce debt in the SMSF... In summary the S13.22C trust allowed Bob to use funds from his SMSF to reduce required borrowing on the land purchase and then claim deductions for the land lease and interest to offset the unit trust distribution he will receive...
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Catalogue: GRDC Updates
INTRODUCTION Tax effective debt reduction involves reducing debt e.g. liabilities while at the same time avoiding paying excessive tax... By utilising various tax concessions provided in the ITAA and the Superannuation Investment Supervisory Act and Regulations, ("SIS Act") and (SIS Regs) it is possible to reduce debt tax effectively... As a result if there is a strong demand and shortage in supply, prices go through the roof...
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Catalogue: GRDC Updates
The Conservative Approach: Using Farm Profits to Payout Farm Debt.. Using normal depreciation, if an asset is purchased part way through a year, the depreciation claim for that year must be apportioned on a pro-rata time basis... The contributions assessed to the fund will still be taxable but the existing assets supporting the pension payable will earn tax free income...
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Catalogue: Ground Cover
Several legitimate strategies are available to farmers who achieved a better-than-average 2010 harvest to reduce the amount of their 2010-11 taxable income... The FMD must be at least $1000 and no more than $400,000, and must remain in the account for at least 12 months (although farmers in areas covered by Exceptional Circumstances legislation can make a withdrawal and still retain the tax deduction in the same financial year)... The impact of averaging means that for many farmers who are already operating at a low personal tax rate, superannuation contributions deliver only marginal tax benefits in the year they are made...
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Catalogue: Ground Cover
Several legitimate strategies are available to farmers who achieved a better-than-average 2010 harvest to reduce the amount of their 2010-11 taxable income... The FMD must be at least $1000 and no more than $400,000, and must remain in the account for at least 12 months (although farmers in areas covered by Exceptional Circumstances legislation can make a withdrawal and still retain the tax deduction in the same financial year)... The impact of averaging means that for many farmers who are already operating at a low personal tax rate, superannuation contributions deliver only marginal tax benefits in the year they are made...
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