In this episode, we’ll be talking about one of the complex topics to tackle within the farm business - Succession Panning, particularly from a younger generation’s point of view, which is often missed in the discussion. According to Jack, Succession Planning has become much more personal and relationship-based than the traditional understanding of the transfer of assets. With many futures on the line, Jack outlined the importance of opening up the line of communication to start the planning process as early as possible for a successful transition.
Jack Hayes is a Manager within the Agribusiness division in one of Western Australia's largest accounting firms Byfields Business Advisors. Jack has over 10 years of experience working within the accounting and taxation industry and having grown up on the family farm in Badgingarra, Jack has an established, long-standing passion for the agriculture industry, with a particular interest in the latest farming practices and technology.
Listen to Episode | Succession Planning With Byfields | Agrimaster
Farm Succession | Let's start the converstion
Byfields are uniquely placed to assist growers navigating through their succession plans.
Visit our Succession Planning Resource | Dear Hope
Since the concept was first proposed in November 2023, there has been plenty of coverage of the potential taxing
Since the measure was first reintroduced in the May 2023 Federal Budget, the $20,000 instant asset write-off has been the subject of ongoing debate
From 1 January 2025, intentionally underpaying an employee’s wages or entitlements will be a criminal offence under the Fair Work Act 2009 (Cth).
The federal government has recently passed law whereby taxpayers will no longer be able to obtain tax deductions for ATO interest charges
WA Student Assistance Payment | Fringe Benefits Tax (“FBT”) Implications on Employer Sponsored Visas | ATO shifts non-compliant small businesses to monthly GST
Key due dates | Additional Tax on $3M Super Balances | Navigating the new Civil and Criminal penalties for underpayment | $20,000 Instant asset write off update
One- off 20% reduction to individuals' HELP accounts, and $20,000 instant asset wright off will not be extended.
You will find articles on: Dutton’s Tax Deductible Lunches, Tertiary Access Payment (TAP), Farmland in a SMSF, and more.
You may have seen or read in the press about Peter Dutton’s election policy to give small businesses a tax deduction for staff or client meals and entertainment.
The Tertiary Access Payment (TAP) is a one-off payment of up to $5,000 to assist eligible students with the cost of moving for tertiary study.
The ATO, FWO, and Department of Home Affairs have begun investigations into suspected unlawful conduct in the agriculture industry through surprise visits.
Welcome to the new world of live reporting and more importantly the repercussions of such.
Buying or selling a business can be one of the biggest business decisions you make in your lifetime. It comes with many things you need to consider.
Interest is a key expense of carrying on a business and borrowing allows you access to additional opportunities which may have been otherwise out of reach.
As an agricultural business owner, understanding how you measure up against competitors can be a key to unlocking growth, or unrealised potential in your business.
Navigating overtime, flat rate payments, and superannuation obligations can be challenging for employers when balancing legal requirements with business efficiency.
You will find articles on: Superannuation & Super Guarantee Contributions, Buying or Selling a Business, and more.
As harvest season approaches, your workforce, like your machinery, needs to be well-prepared.
You will find articles on: NFP Self-Review Return, 2024 Financial Year Planning, Navigating Leave Entitlements plus much more.
Not for profit (NFP) organisations have always operated under the requirements of the legislation and should have reviewed, that they met their obligations.
The end of the financial year is fast approaching and we have only just received a decent break to the season for many farmers.
Understanding the various types of leave entitlements is crucial for both employers and employees to ensure fair practices and compliance with employment standards.
In a significant shift towards ensuring safer working environments, Australia has updated its workplace exposure standard for welding fumes.
$20,000 instant asset write-off extended to 30/6/25 $300 for households and $325 for small business as energy bill credits Plus more
You will find articles on: 2024 Tax Planning, a look at the Fair Work Act changes. Ensuring Compliance and Accuracy | Record Keeping Policy.
You may think minimal tax planning will be necessary due to the average or below average 2023 harvest.
You can arrange Insurance cover for: Dry Season Cover Too Little Rain Frost Protection Too Cold Canola Heat Stress Too Hot Wet Harvest Too Much Rain
The Australian Parliament passed the Closing Loopholes No. 2 Bill on 12 February 2024, marking another shift in employment legislation.
In today's fast-paced business environment, maintaining accurate and legal records is not just a matter of internal organisation but a legal necessity.
In this newsletter, we share some important updates regarding Vehicle Haulage Concession as well as the on-Farming Connectivity Program.
In the ever-changing landscape of the Ag industry, succession planning has become a critical consideration for farming families.
Right at the end of 2022 there were a flurry of bills presented to Parliament that would have large scale impacts on employment practices.
to drive innovation, enhance productivity, create jobs and support the growth of small businesses, the Australian government has unveiled two new initiatives.
The agricultural industry inquiry report has been released by WorkSafe WA and independent inquirer Ms Pamela Scott.
In the digital age, email communication is a fundamental part of our daily lives. When setting up an email address, individuals often face a critical decision!
There are times when your business changes and assets must be transferred to continue providing you with the best operating structure.
In this newsletter, we share some important updates regarding Carbon Credits, Audit Protection Insurance as well as a registration link to our upcoming webinar!
Our Federal Budget newsletter provides the information you need to better understand what was delivered in Parliament on Tuesday night.
Read about some important updates such as Annature Electronic Signing and Renaming of Keypay and Workzone, plus a couple of articles to get you thinking!
The passing of this legislation means many changes have either come into effect or will soon come into effect that are relevant to how businesses operate.
You may have seen and heard discussions about the proposed 15% extra tax for super members with balances above $3m, announced by Prime Minister Albanese and...
Read about some important updates regarding Business name renewals and Changes to the Commonwealth Senior Health Care Card, plus a couple of articles!
I’m still not sure I know what crypto is or how it’s made, but I do know that people are buying and selling it in huge amounts...
Are you pregnant or thinking about having a baby? Did you know you could be eligible for the government's Paid Parental Leave?
Read about some important Federal Budget updates as well as other general updates regarding audit insurance, director ID reminders plus more!
As currently legislated, Temporary Full Expensing (TFE) is due to end at 30 June 2023.
A Virtual CFO, is an outsourced service provider, such as a person or a business (like an accounting firm), offering high skill assistance in financial requirements.
Now if you’re a member of a small family business or family farm, you may think that corporate governance is an abstract notion.
Read about some important updates regarding Single Touch Payroll (STP) Phase 2 and (STP) end of year finalisation, as well as Fuel Tax Credits, SGC rate increase.
Neil Hooper and Scott Smith recently had the opportunity of educating growers at SEPWA's Esperance EFOM event. They presented on the Federal budget
This year’s budget was announced with a backdrop of the largest rolling 12 month deficit in history & is possibly the last budget before next year's Federal election
We’re just over a month into the new year and we started well until the recent COVID-19 lockdown in the Perth metro, Peel and South West regions. Hopefully, this is
We are excited to announce the acquisition of the Dwyer & Co practice in Esperance, which will take effect on 1 Feb 2021. David Dwyer has been operating Dwyer & Co
Super re-contribution strategy prior to 2017. It involved the withdrawal of a large chunk of your super balance and a subsequent “re-contribution” of this amount
As a client of Byfields, the protection of your data and personal information is very important to us. We have taken another step towards tighter security by
For the first time in living memory the recent October Federal Budget didn’t make a single change that directly affected SMSFs. This doesn’t mean that there haven't
On Tuesday 6 October 2020, the Federal Government handed down its Budget for the 2020–21 financial year. With the economic impacts of...
The directors at Byfields Business Advisers are pleased to announce the appointment of Eamonn Lanagan as a director of the firm from 1 October 2020.
The AFL has announced the 2020 Grand Final will be played at the Gabba, meaning the league’s showpiece event will take place outside of Victoria for the first...
COVID-19 has certainly dominated the news during the last few weeks as parts of Australia experience a surge in new cases. Premier Mark McGowan has pushed back...
On 21 July 2020, the Government announced it is extending the JobKeeper Payment as well as income support payments including...
Well... a lot has happened since our last newsletter. COVID-19 has dramatically changed the way we live, breathe, work and learn all in a very short space of time.
The Federal Government has just announced a relief package for the child care and early childhood education sector (‘child care sector’). The relief package...
On Tuesday 31 March 2020, the McGowan Labor Government unveiled a $1 billion economic and health relief package to support Western Australian businesses...
The coronavirus (COVID-19) has dominated news headlines for several months and resulted in a worldwide pandemic. The quarantine and lock down measures...
Prime Minister Scott Morrison today announced $130 billion of spending over the next six months to support the livelihoods of Australians who lose their jobs and...
The Federal Government yesterday released details of a second set of economic responses which, combined with the previous response, will provide support to...
The Government has introduced additional payroll tax measures to support small businesses that have been impacted by COVID-19. This includes bringing forward...
Most of you would have heard by now about the government’s Coronavirus economic stimulus package. The government is planning to introduce these...
The devastating bushfires experienced across Australia in recent months has highlighted just how fragile our unique country and wildlife are. The generosity shown...
The festive season is upon us with Christmas only a couple of weeks away. The partners and staff of Byfields would like to thank all our clients, associates and...
This newsletter sees us celebrating some important milestones reached by one of our directors and several of our senior professional staff. Andrew Northcott has...
While the England cricket team defeated Australia in the semi final of the 2019 Cricket World Cup, the Aussies are off to a flying start in their 2019 Ashes...
It’s hard to believe that it’s nearly 30 June – where has the past year gone?? It’s been a year full of surprises, controversy, happiness and sadness...
Federal Budget Report 2019 | Byfields Wealth Management - With only a month to go until the Federal Election, it’s unsurprising that the Budget announcements...
As we send this newsletter, the Prime Minister, Scott Morrison, has announced the date for the next Federal Election – Saturday 18 May 2019. Campaigning will be...
Welcome to the new year! Each year, before diving into our long list of projects, we look back at what worked well the previous year, what we achieved and what...
The festive season is upon us with Christmas fast approaching. The partners & staff of Byfields would like to thank all our clients, associates & their families...
Change is a wonderful thing and all good things must come to an end… and to be replaced with something better! We’re excited to launch our redesigned newsletter...