The following is an opinion piece written by Chris Uhlmann and published in the Weekend Australian Newspaper on 4 June 2024.

Introducing the latest article penned by Michaela, Lawyer and Director at JMA Legal. With a robust 27-year partnership, we are pleased to present her authoritative insights.

“Laws are like sausages; it is better not to see them being made.” Otto von Bismarck.

What is the instant asset write-off for small businesses? The provisions in Subdiv 328-D of the ITAA 1997 allow an eligible small business entity (SBE) taxpayer (annual turnover of less than $10 million) to bring forward 100 per cent of the depreciation deduction of the cost of an eligible asset to the current income year rather than writing it off over multiple years.

Andrew Hastie is the opposition defence spokesman and the Liberal member for Canning in Western Australia. He is a former member of the Special Air Service Regiment who has served in Afghanistan, the Middle East and the Indo-Pacific. 

In short, I see the budget exhibits outrageous spending, certainly not setting ourselves up for a positive future (10 years of deficits), not designed to address economic and social problems, not crafted to build productivity, or defend a nation, but built for a singular purpose – to win an election.

A recent article titled Family Affairs in this month’s Company Director magazine¹ highlights research undertaken by Adelaide University as to the significant socio-economic contribution of family enterprises in Australia.

Last week farm financial management software company Figured hosted a two day “Figured Leaders in Agri Finance Summit” in Auckland, New Zealand. Pete, Nicolette and Sarah were invited to attend, with Pete participating in a panel discussion on where we are at today as providers of agri services.

We talk to farmers about the “Toyota windscreen” model: Be clear about your destination, where you wish to get to, the GPS.

The Stage 3 tax cuts, including stage 1 and stage 2 which were part of a packaged legislated in 2019 to address “bracket creep”. Both parties voted for the legislation and indicated that they would not change it in the 2022 Federal Election.

Paul Kelly in The Weekend Australian 27-28 January 2024 reports that “the bottom 40% of Australians pay no net tax. The top 10% of taxpayers will now pay about 47% of all income tax revenue.

When choosing an accountant to support you and your family business, what are you seeking?  What is their role?  What is their purpose? Do you require a tax accountant, a financial accountant, or a management accountant?

There is much discussion and comparison between the family farm and farming activities undertaken by corporate farms.

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.

You’re running a business, so you know the legal requirements around producing accounts and submitting tax returns. But do you truly know WHY you’ve engaged an accountant?

Did you know that government agencies use Australian Business Number (ABN) details to identify individuals and businesses in communities affected by emergencies or natural disasters?

Legislation was recently passed to bring in a new registration system for directors of companies in Australia.