Agriculture plays a vital role in Australia, contributing to our social, economic and environmental sustainability. Our region's very existence and its early prosperity was directly linked to the success of the local farming community. Today the area serves a broader industry catchment however the historical bonds to the local rural community are stronger than ever.
We are now seeing fourth generation farms operating successfully within our region along with others being faced with the prospect of sale or leasing. All of these, along with the annual influences associated with farming, play a vital role in ensuring a farm return. We get that it's a different type of business, one that can rarely be separated from home life, and as a collective every family member has a role to play in its success.
All things financial should be easier - that's our promise to you.
For further information download our information pack here.
Accounting & Tax Services
We offer a full range of compliance services inclusive of annual income tax returns, financial statements, business activity statements, ASIC reporting and fringe benefit reporting.
Buying or Starting a Farm
Getting things right the first time is always more time efficient. We are here to assist you every step of the way when buying or starting a new farm. This includes helping you with the most appropriate structures, taxation issues and regulations, GST and stamp duty considerations, obligations to employees, profit estimates and cash flow projections for the new farming venture.
Family Farming Plans
We know there is no one solution for everyone, and as such we pride ourselves on working with each client on an individual basis to establish plans for their future. A one page farm plan outlines your goals, vision and key performance indicators to help you set the scene for the next coming years. Helping you to work smarter and not harder to reap the rewards of planning is our aim.
Making sure your farming assets find themselves in the right hands is essential. We can review your current structure and find the most appropriate structure suited to you. Key considerations include changes to tax regulations, changing family and personal circumstances, income and capital gains tax.
Real Time Figures
Online accounting software helps you keep track of your cash flow in real time. This then saves you time to spend doing more important things, like the day to day running of your farm or even better, spend extra quality time with family and friends.
Knowing your cash flow is critical to knowing where your farm is currently sitting financially. In order to run operations smoothly and pay bills you need to have the working capital. Knowing your projections of current and future cash flows is part of financial forecasting which essentially will assist you with achieving farming growth.
It's always better when your farming profits stay in your own pocket. Interim tax planning provides you with an estimation of your income and expenses, including your current tax position so that we can work with you to plan future strategies to maximise your wealth whilst reducing your tax.
Business Profitability Improvement
Many people find financial statements to be convoluted lists of numbers involving income, expenses, assets and liabilities which doesn't make a lot of sense! We simplify financial statements into the following key profit drivers:
- Direct costs of actually doing the business activity (materials, wages etc)
- Gross profit and gross profit margin
- Overhead expenses
- Net profit
By helping clients focus on these key profit drivers, we help them identify ways to greatly improve their profitability.
By creating a comprehensive view of your farming operations in an easy to understand format, it's much easier to gain a better understanding of where your money is being spent. This is crucial analysis for gaining a full round assessment of your financial status.
We can assist you by being your chief financial officer and providing you with all the essential management reports you need to make informed decisions.
Selling the Farm
We provide specialised advice for those looking to sell their farm including their financial status, tax regulations including capital gains and disposal of plant, equipment and stock, and GST considerations. This puts you in the box seat knowing just how much your farm is worth.
A succession plan that meets all of your personal, farming and financial goals is important for anyone looking to begin a smooth transition. We aim to help farmers to enjoy their lifestyle and allow the next generation to continue with farming operations.
It's important that you feel comfortable that any transition is undertaken in the most cost effective and long term beneficial way for all parties. This includes the protection of assets, asset distribution, maintaining financial affairs where required, and facilitating family meetings to arrange plans. We can assist you to tailor your individual plan and guide you through implementing it and monitoring its progress.
For further information about the services we offer please download our information pack here.