Subsidies available for quad bike crush protection devices

Dog on top of quad bike: new subsidy available for quad bike crush protection devices

Quad bikes are ubiquitous on New Zealand farms, however their use as farming vehicles also contribute to around five work-related deaths and many more injuries each year, with the 1,000+ ACC claims costing the country $12 million dollars.

Unlike utes and tractors, quad bikes provide no safe space for the rider should it tip and roll on hilly or uneven terrain. Quad bike injuries are often the result of accidental rollovers where the rider is crushed or pinned underneath the bike.

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Penalty increases proposed for NAIT non-compliance

NAIT RFID tags in foreground, milking shed in background: penalties may increase for NAIT non-compliance

The National Animal Identification and Tracing (NAIT) scheme is a system which links people, property and livestock. It was developed to identify and trace livestock (cattle and deer) within New Zealand, in order to manage biosecurity incursions such as disease outbreaks, and improve food traceability and consumer confidence in our food products.

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2019 herd scheme values have been released by Inland Revenue

Group of brown and white cows with green grass in foreground and blue sky and sun in background: 2019 Herd Scheme values

In May each year, Inland Revenue release their determination of national average market values (NAMVs) of livestock for the prior financial year.

The NAMVs are used by taxpayers who have elected to value livestock using the herd scheme to value their livestock on hand for that income year.

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Group of black/white cows with green grass in foreground and blue sky in background

In January each year, Inland Revenue release their determination of national standard costs (NSCs) of livestock for the financial year. The NSCs are used by taxpayers who have elected to value livestock using the national standard cost scheme, to value their livestock on hand for that income year.

The NSCs for the 2018/2019 year were released on 24 January 2019.  Click here to see these values, as well as the 2017/2018 year values for comparative purposes.

Announcing the winner of our EoY Livestock Count prize draw!

Curious cow: announcing winner of EBP's 2018 Livestock Count prize draw

We re-introduced our Livestock Count prize draw for the 2018 income year, to reward farming clients who submitted their closing livestock numbers to us within two weeks of their balance date.

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Farmhouse in picturesque setting: can sharemilkers and contract milkers claim 20% deduction on farmhouse expenditure?

Question: Can sharemilkers and contract milkers use the same approach as farmers and claim 20% deduction for farmhouse expenditure?

Answer: Yes - sharemilkers and contract milkers may claim a 20% deduction for farmhouse expenditure (for example, power and insurance bills) without calculating actual business use of the farmhouse, if:

  • They carry on a sharemilking or contract-milking business as sole traders or a partnership independent from the farm owner's business;

  • The business is of sufficient scale to require its own home office and centre of operations in the sharemilker's or contract milker's farmhouse; and

  • The sharemilker or contract milker's farmhouse is used in a similar manner to and to a similar extent as other farmhouses on type 1 farms.

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House on farm: should accommodation be included in farm employee's gross wages?

Question: We have heard we have to add the value of the accommodation we provide to our farm employee on to their gross wages. Is this true?

Answer: Yes, that's correct. Many farm employees are employed on an agreed gross weekly or fortnightly wage, and in addition they either board in the farmer's home, or the employer provides a house for them. The value of the board or accommodation provided to your employee is taxable income and should be treated as gross income to them.

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Claas harvester in field: how to distinguish allowances and benefits to farm workers

Farm employees are often paid allowances or receive benefits from their employer as part of their employment agreement.

Some of these allowances will be tax-free in the hands of the employee. Others will need to be taken into account when calculating their wages and corresponding PAYE deductions, as the value of the benefit is deemed to be part of their gross income. Others may be caught under the Fringe Benefit rules.

It is important to be able to distinguish the different types of allowances and benefits so that the correct accounting and tax treatment is made.

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Beef+Lamb NZ Farm Safety System workshops in Northland

Farmer on quad bike: Beef+Lamb NZ presenting free Farm Safety Management workshops in Northland

Beef + Lamb New Zealand have developed a Safety Management System for farmers, which they are presenting throughout the country in a series of one-day workshops.

On Thursday 31 May 2018 they are presenting a workshop in Tangiteroria, and on Friday 1 June 2018 they will be at Whananaki North.

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2018 herd scheme values have been released by Inland Revenue

Group of brown and white cows with green grass in foreground and blue sky and sun in background: 2018 Herd Scheme values

In May each year, Inland Revenue release their determination of national average market values (NAMVs) of livestock for the prior financial year.

The NAMVs are used by taxpayers who have elected to value livestock using the herd scheme to value their livestock on hand for that income year.

Read more…

Group of black/white cows with green grass in foreground and blue sky in background

In January each year, Inland Revenue release their determination of national standard costs (NSCs) of livestock for the financial year. The NSCs are used by taxpayers who have elected to value livestock using the national standard cost scheme, to value their livestock on hand for that income year.

The NSCs for the 2017/2018 year were released on 1 February 2018.  Click here to see these values, as well as the 2016/2017 year values for comparative purposes.

In May each year, Inland Revenue release their determination of national average market values (NAMVs) of livestock for the prior financial year.

The NAMVs are used by taxpayers who have elected to value livestock using the herd scheme, to value their livestock on hand for that income year.

Read more…

Since the 1960's farmers living on the farm have been able to claim a flat 25% deduction for farmhouse expenses such as power, insurance and minor repairs and maintenance. They were also able to claim a 100% deduction on telephone rental, rates and the interest on the farm mortgage.

Inland Revenue recently advised it considers this flat rate no longer appropriate and will be replaced by a new approach, with these changes to farmhouse deductions applying from the 2017/2018 year onwards. The new approach largely relates to sole traders and partnerships, as separate rules apply to houses provided to farm employees, shareholder-employees and beneficiaries.

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Applications are closing soon for the 2017 FMG Agriculture Scholarship.  Each year, FMG awards scholarships to two promising students, contributing $5,000 towards course fees for each year of their undergraduate degree.

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Are you one of today's achievers with an eye on the future?

The New Zealand Dairy Industry Awards attracts farmers from across the country, working in all levels of the dairy industry. There are three competitions, offering entrants the chance to challenge themselves, earn a regional or national title and to share in substantial regional and national prize pools.

Read more…
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Ean Brown
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Administration
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