HERE are three more valuable financial tips to focus on this financial year.
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--- Farmers planning on selling land should determine their eligibility for the Small Business CGT concessions. With the right planning, many farmers will pay no capital gains tax on the sale of land, despite making a large profit on the sale.
--- Farmers considering retirement in the next few years need to review their eligibility for the aged pension. Steps can be taken to improve the chances of your application, but they often need to made five years prior.
--- If your taxable income for last year is low, or even $0, investigate your eligibility for the Farm Household Allowance. This is an excellent program designed to assist struggling farmers.
- Jarrad Turnbull, RSM Bird Cameron