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IMMEDIATE DEDUCTION FOR FENCING OR FODDER STORAGE ASSETS

If you are a primary producer, you may be entitled to claim a deduction for capital expenditure incurred on fencing and fodder storage assets.

The deduction will be limited to capital expenditure you incur for the construction, manufacture, installation or acquisition of a fencing or fodder storage asset.

The expenditure must have been incurred primarily and principally for use in a primary production business conducted on land in Australia.

If you are not a primary producer, a deduction can’t be claimed for fencing and fodder storage assets under these provisions. However, you may be entitled to a deduction under other provisions if these assets are used to produce income.

For more information visit:

https://www.ato.gov.au/business/primary-producers/in-detail/capital-expenditure/fencing-and-fodder-storage-assets/

Please contact Fiona Cook, Andrew Marshall or Janine Orpwood at Langley McKimmie Chartered Accountants on (03) 5427 8100 to discuss further.

We provide accounting and wealth management services to clients in Woodend, Gisborne and Macedon Ranges areas within Victoria Australia.      

WHO IS MY BOOKS & PAYROLL?

Bookkeeping is a key function of any business. We can simplify this process and give you back your time to concentrate on important elements which make your business great.

“My Books & Payroll” experienced bookkeepers, Cate and Emma offer a comprehensive bookkeeping service or tailored account services. 

Full function payroll management
Superannuation, salary sacrifice, payroll tax and end of financial year obligations

Account management
Accounts payable, Accounts receivable, Bank reconciliations

Reporting
Financial and statistical reporting

BAS
Preparation and lodgement
 
To speak with Cate or Emma, please call (03) 5427 8118 or email mybooks@lmck.com.au

ASK THE EXPERTS

TRACK YOUR EXPENSES USING THE ATO MYDEDUCTIONS APP

The ATO app's myDeductions tool can help you keep your tax deduction and income records all in one place.

Simply download the ATO app to your smart device and choose whether you'd like to use myDeductions as an individual, sole trader, or both.

You can then pass this information along to your accountant come tax time.

Click on the link below to find out more:

https://www.ato.gov.au/general/online-services/in-detail/mydeductions/mydeductions/

Please contact Fiona Cook, Andrew Marshall or Janine Orpwood at Langley McKimmie Chartered Accountants on (03) 5427 8100 to discuss further.

We provide accounting and wealth management services to clients in Woodend, Gisborne and Macedon Ranges areas within Victoria Australia.      

EMPLOYEE SOCIAL EVENTS - HOW TO TREAT THEM?

With the spring racing carnival upon us and Christmas just around the corner employers may be treating their employees to a day out.

The question remains as to how to treat this expenditure for Fringe Benefit Tax (FBT)?

Please click on the link below for more information:

https://www.ato.gov.au/General/Fringe-benefits-tax-(FBT)/Types-of-fringe-benefits/Entertainment-and-fringe-benefits/

Please contact Fiona Cook, Andrew Marshall or Janine Orpwood at Langley McKimmie Chartered Accountants on (03) 5427 8100 to discuss further.

We provide accounting and wealth management services to clients in Woodend, Gisborne and Macedon Ranges areas within Victoria Australia.