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12 Tips on Reducing Your Tax in Farming


Working farms and agricultural properties, like all businesses, have unique tax deductible expenses when it comes to both the running of the property and capital gains tax (CGT). The below lists some of the more common ATO deductions for farms and agricultural properties. You may not have considered that some of the money that you spend on running your farm is completely tax deductible! Here are some examples of farming deductions:

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Continuing to Grow

We are pleased to announce that Mencel Business Services (MBS) will merge with Murray Nankivell from 1 July 2018.  MBS have provided Accounting, Taxation and other business services out of Naracoorte, Robe and Kingston for over 25 years.  MBS' Directors, Rick and Robyn Mencel, are planning for their retirement and have decided to merge with Murray Nankivell.

Rick and Robyn together with some other MBS employees will become part of the Murray Nankivell team and we have started planning for the transition.  We are excited to have MBS staff and clients join with Murray Nankivell which will add strength and depth to our existing team to continue to improve our service offering.

We believe it just makes sense for the two local businesses to merge and continue to provide first rate know-how to clients in the South East and beyond.

Three Risks of Direct Life Insurance

 

How you can get an appropriate policy and advice for your situation

Direct life insurance can 'appear to be' the saving grace to many of our worries. It's cheap, easy to apply for and can be done in no time at all – which makes it the clear choice for many time-poor consumers who want to do the best they can with what they have.

While seeking the advice of a financial adviser might seem like money and time that could be saved, the benefits of seeking out professional advice when it comes to life insurance far outweigh the cost savings.

Direct life insurance isn't always the best option, for a number of reasons, three of which we've outlined for you below.

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Single Touch Payroll starts 1 July 2018

  

For medium to large scale businesses, 1 July 2018 will bring a huge change in how they report payroll information to the ATO. That's the date the Government will roll out Single Touch Payroll, their new streamlined reporting solution. This system will allow employers to report wages, salaries, withholding, workplace giving, and super information to the ATO at the same time they pay their employees. 

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The Value Of Owning Your Business Premises

7 advantages of buying your own commercial business property

Considering buying your own commercial business premises? As exciting as this is, there are many key factors to consider and decide upon before making your final decision.

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Understanding Cash Flow

Thanks a lot for finding your way to the Murray Nankivell blog on understanding cash flow.

First, what is cash flow?
In simple terms cash flow is "the cash you have coming in, and the cash you have going out."

Now while the meaning of cash flow may be relatively simple, learning how to understand and manage cash flow is another thing entirely.

In fact not understanding and mismanaging cash flow is what puts most businesses out of businesses.

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