McGregor Gourlay Prepayment Scheme Fact Sheet

Overview:

• The Federal Government has maintained the turnover threshold of $50 million for a business to be considered a small business entity. This designation potentially allows businesses to claim tax deductions for prepayments made.
• McGregor Gourlay offered a prepayment scheme in the 2023/2024 financial year to enable customers to take advantage of this opportunity. We are pleased to offer this service again for the 2024/2025 financial year.

Benefits:

• Eligible small business entities, including Primary Producers, may prepay funds to McGregor Gourlay, an agricultural supplies distributor, and potentially receive a one-time tax deduction for the amount paid in the year of payment.
• Prepayments must be utilised within the following financial year to qualify for the tax deduction.

Terms and Conditions:

• McGregor Gourlay will pay a reward of 5% per annum on prepaid funds, payable monthly until the funds are utilised.
• A minimum prepayment of $10,000 is required to participate in the scheme.
• Prepaid funds are non-refundable and must be used for agricultural supply purchases within the 2024/2025 financial year.

Eligibility:

• Eligibility for the program may vary based on individual tax circumstances. It is recommended to consult with a tax advisor to determine if participation in the program would be beneficial for your business before committing.
• If you are found ineligible for the program due to your tax status, alternative end-of-financial-year deals will be provided.

How to Participate:

Contact your local branch manager before Tuesday, June 25th, if you are interested in participating or would like further information.

Contact Information:

For enquiries or to participate, please reach out to your local McGregor Gourlay branch manager.