What is Carbon Farming?

Carbon farming is an innovative and sustainable approach to farming by sequestering carbon and/or reducing green house gas emissions. Not only does this approach benefit the environment but it can provide a genuine revenue stream for farmers and landowners.

A carbon farming project allows for the carbon that is reduced or sequestered through farming practices to be measured over the life of the project. Farmers are able to access projects under various agricultural initiatives including feeding livestock, soil treatment, fertilizer and cropping and forestry. Under the Government regime the carbon farmer will be issued ACCU’s (Australian Carbon Credit Units) by the Clean Energy Regulator which can be sold on market, providing a diversified revenue stream.

The basic steps to undertake a carbon project are:

Plan your project, check project eligibility and legal rights
Register the project with the Emissions Reduction Fund.
Perform the activities of the project over time, ensuring you meet project guidelines
Report on your project and claim ACCU’s

Buyers of ACCU’s can be Government, companies or other private buyers that are looking to offset their carbon emissions to achieve a lower carbon footprint. Carbon accounting is used by these entities to determine their carbon footprint allowing for good governance and sustainability transparency.

This is a developing industry that is gaining mainstream acceptance, providing both economic and environmental opportunities for farmers and landowners. It comes with a level of compliance and has a long-term outlook with projects lasting 25 or 100 years. These projects should not be undertaken without seeking advice from your trusted financial and legal advisors.

Come talk to us today if you would like to know more about carbon farming.

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Self managed super fund (SMSF) Association Conference

By Cogger Gurry • March 24, 2025

In February, Hamish McDonald represented our team at the SMSF Association's annual conference in Melbourne, joining over 1,600 SMSF professionals from around the country. The conference covered a wide range of current and emerging issues in the self-managed super fund (SMSF) space. Some of the key highlights included: The proposed Division 296 tax (commonly referred to as the "$3 million super tax") failing to pass through Parliament. Growing interest in SMSFs holding carbon credits and involvement in carbon farming initiatives. Considerations for SMSFs holding land impacted by natural disasters. Strategic opportunities through contribution splitting between spouses. If you’d like to learn more about any of these topics and how they might apply to your circumstances, feel free to get in touch with our Superannuation Team on (03) 5571 0111 to book an appointment.

Brentnalls 56th National Affiliation Conference – Into the Future

By Cogger Gurry • March 24, 2025

Earlier this month, our leadership team and managers had the opportunity to attend the Brentnalls 56th National Affiliation Conference in Hobart, bringing together professionals from the Brentnalls Affiliation from across Australia and New Zealand to collaborate, learn, and explore the future of our industry. With the theme “Into the Future,” the conference focused on innovation, leadership, and emerging technologies, equipping us with new strategies to enhance our services and support our clients. Key discussions included artificial intelligence in business, building hardiness in leadership, and navigating the balance between tradition and progress. Beyond the valuable insights, the conference was a fantastic opportunity to strengthen relationships within our network, share best practices, and bring fresh ideas back to our firm. We look forward to applying these learnings to continue delivering the best possible outcomes for our clients.

ATO - Move from Quarterly to Monthly BAS!

By Cogger Gurry • March 24, 2025

If you operate a small business and have a history of failing to comply with your tax obligations, the Australian Taxation Office (ATO) can move you from quarterly to monthly reporting as part of their corrective action. From March 2025, small businesses that have a history of failing to comply will start to receive communication from the ATO notifying them of their new monthly reporting cycle effective from 1 April 2025. These businesses have not responded to previous communications from the ATO and demonstrate a poor compliance history, for example: Paying late or not paying the amount due Not lodging or lodging late Reporting your tax obligations incorrectly. The ATO will notify you in writing if they move you to monthly GST reporting. After 12 months, you can request a change back to quarterly reporting. The ATO will only do this if they are satisfied that you are complying with your obligations. GIC Deductability The Federal Government has announced a plan that general interest charges (GIC) and shortfall interest charges (SIC) incurred on or after 1 July 2025 will no longer be deductible. This is aimed at addressing the increase in tax debt by incentivizing taxpayers to correctly self-assess their tax liabilities and pay on time. If enacted without amendments, it may have significant implications for taxpayers. Whilst the coming Federal Election may delay or even prevent this change from becoming law, it is crucial to be aware of the possible outcome. For more information. Click Here. or call us on 03) 5571 0111