Thu, 18 Feb | Jerramungup Community Resource Centre

Lincolns Rural Tour 2021

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Lincolns Rural Tour 2021

Time & Location

18 Feb, 9:30 am – 2:00 pm
Jerramungup Community Resource Centre, 8/10 Tobruk Rd, Jerramungup WA 6337, Australia

About the Event

Did you know you will learn about new tax laws that will impact your 2021 farm cash flow.

In 2020/21 you can write off 100% of:

  • Any new plant bought;
  • Any second hand plant bought; and
  • Your existing pooled plant value (yes, the whole lot).

This gives you a great tax planning opportunity to:

  • Pay little or no tax in 2020/21;
  • Withdraw any farm management deposit you may have; or
  • Sell grain and wool this year rather than defer payment until July 2021.

But “all that shines is not gold”

What impact is there on your 2021/22 and future tax years given:

  • You have no plant depreciation to claim;
  • Any future plant sales or plant trade-ins will be 100% taxable; and
  • What impact does this have on future tax bills.

In addition to this we we’ll also be covering Farm Succession and Human Resource compliance.

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