Get your business and tax records straight this EOFY!
By Laura Thomas
With the grind of olive harvest over for another year, many producers would be looking forward to a well-earned break.
But for now that will just have to wait – the end of another financial year is fast approaching and it’s time to get your business and tax records straight!
Good record-keeping is critical for the success of any business and olive production is certainly no exception.
Accurate and up-to-date records allow business owners to keep a close eye on income and expenses, manage cash-flow, minimise losses and ensure they meet all relevant tax and industry obligations.
*DISCLAIMER: Please seek professional advice when making decisions for your business!
While the Australian Olive Association (AOA) is always here to support its members, it is imperative producers seek professional business and tax advice tailored to their business.
We hope the information and links below help point you in the right direction!
Olives levy and returns
The Australian olive industry’s “levy year” runs from 1 October to 30 September annually, but timely and accurate record keeping is vital throughout harvest and beyond to ensure payment of accurate levies and returns.
Australian olive producers are liable for the Olives Levy which is calculated at a rate of $3.10 per tonne.
Growers processing their own olives are exempt from paying the first $100 worth of levies, which equates to about 32.25 tonnes. For those not processing their own olives, the Olives Levy is paid by the processor.
Keeping good records is the only way to ensure producers receive what is owed.
Read more about olive industry levies and returns on the AOA website.
Tax deductions for business owners
Tax deductions are claimable for a range of expenses, provided they are directly related to your business earnings.
These expenses can include things like regular operating expenses, the purchase of business products and services, and capital costs such as the purchase of machinery and equipment used by the business.
Visit the ATO website to find out more about what you can and can’t claim.
The ATO has also announced additional support for new small business owners (including olive producing operations!) to help them understand and comply with their tax obligations.
Work-related expenses for employees
The ATO released its 2025 tax return hit-list late last month, warning work-related expenses would be a focus for ATO compliance efforts this tax-time.
“Work-related expenses must have a close connection to your income earning activities, and you should be prepared to back it up, with records like a receipt or invoice,” ATO Assistant Commissioner Rob Thomson said in a media release.
“If your deductions don’t pass the ‘pub test’, it’s highly unlikely your claim would meet the ATO’s strict criteria.”
For more information on the specific work expense deductions available for agricultural workers, visit the ATO website.
Pay less taxes – invest in olive industry education instead!
The ATO allows tax deductions for association memberships and attendance at seminars, conferences and training courses, provided it’s connected to your work.
So if you’re an olive business owner or employed within the Australian olive industry, it quite literally makes dollars and cents to become an AOA member, or to book your spot at the AOA’s National Olive Industry Conference in Adelaide this October.
Why pay more tax when you could invest your hard-earned cash in olive industry membership and education instead?
Conference program and registration options will be available soon.
For further details about the conference visit www.nationaloliveconference.com.au.
View more resources on the AOA website
As the national peak industry body representing Australian olive growers, the Australian Olive Association is your go-to for everything you need to know about olive production.
A wealth of information is available on the brand new Australian Olive Association website, while AOA members can also refer to the resources available from the Members Lounge.
Not a member? Find out more about the benefits of joining now!