In this episode, we're delving into the tax trap that will affect many farmers and graziers when purchasing new machinery.

For years, the question of whether upgrading machinery helps with tax has been a common concern, especially during the period of the instant asset write-off. However, with the government returning to pre-pandemic tax rules, understanding the tax implications is now more critical than ever.

To guide us through this complex subject, we have a special guest, Chris Eccles, accountant and director of Empower Accounting & Advisory.

In this conversation, Chris gives us an understanding of the new depreciation rules and what they mean for future equipment purchases. We’ll look at specific examples to illustrate the tax implications of upgrading machinery and explore scenarios involving different types of equipment, such as tractors, graders, dozers, trucks, and even round bailers. By breaking down the numbers, we’ll be demonstrating how depreciation, sales, and tax rates affect the overall financial outcomes.

For those looking to learn more about Chris and his insights, they can find him on the Empower Accounting & Advisory YouTube channel, where he shares numerous business tips. Additionally, interested individuals can visit the Empower Accounting & Advisory website and schedule a conversation with Chris:

Youtube - https://www.youtube.com/@empoweraccountingandadviso162
Website - https://empoweraa.com.au/
 

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Ben spent over 20 years working with successful business owners and farming families which allowed him to unearth the timeless principles on how to successfully grow, protect and maintain wealth.

If you want to learn the principles of how to grow your family’s wealth throughout the generations, then you might consider joining The AgriCoach Podcast each fortnight for more Wealth & Wisdom.

Disclaimer: The information contained in this podcast is general in nature and for education purposes only. It is not financial advice. It is not legal advice. No one should act on the information without appropriate specific advice for your particular circumstances. Ben Law is a former financial advisor but is no longer licensed and cannot and will not give you specific or personal advice in this podcast. The Financial Bloke Group Pty Ltd accepts no responsibility for any loss or damage occasioned by any person acting or refraining from action as a result of reliance on the information in this podcast.

https://thefinancialbloke.com.au/