2023/24 FINANCIAL YEAR PREPAYMENT REWARDS
The Federal Government has maintained the turnover threshold of $10m for a business to be considered a small business entity and so potentially be able to claim a tax deduction for prepayments made. McGregor Gourlay this time last year offered to our customers the ability to take advantage of this by way of our 2022/2023 Prepayment Scheme offer. We are happy to offer this service again for the 2023/2024 financial year.
Under this legislation, a Primary Producer, who is a small business entity, may be able to prepay funds to an agricultural supplies distributor and potentially receive a one off tax deduction for the amount paid in the year the payment is made, provided the prepayment is utilised within the following financial year.
If you would like to participate in and are eligible for this program, McGregor Gourlay will pay a reward of 5% per annum on the funds (payable monthly) up until the prepaid funds are utilised. A minimum of $10,000 is required to participate in the scheme. Funds prepaid are not refundable and must be utilised for agricultural supply purchases within the course of the 2023/2024 financial year.
We’d like to stress that eligibility for this program may vary according to your individual tax circumstances and as such, strongly recommend you discuss with your tax advisor the program offered and if it can be a benefit to your business prior to commencement. If in the event your tax status means that you are not eligible, we can of course provide you with some great end of financial year deals.
For more information click here <<Prepayment Rewards 2023>> or contact your local branch manager.
*NOTE. MCGREGOR GOURLAY DOES NOT OFFER ANY ACCOUNTING OR FINANCIAL GUIDANCE NOR DOES IT PROVIDE ANY GUARANTEES REGARDING THE ELIGIBILITY OF CUSTOMERS TO CLAIM PAYMENTS MADE UNDER THE PROGRAM AS TAX DEDUCTIONS. IT IS RECOMMENDED THAT CUSTOMERS SEEK THEIR OWN ACCOUNTING AND FINANCIAL ADVICE BEFORE PARTICIPATING IN THE PREPAYMENT SCHEME.