We Provide

Some examples of specific planning and advice provided to clients recently include;

• Considering the sale of an asset of around 5mill and how they might be eligible for the small business capital gains tax concessions.
• Consequences of buying a second hand tractor for $80,000 or a new one for $150,000 plus hay equipment – tax consequences, financial and non financial.
• Considering the entity for a farmer to buy an additional farm. Decided for them it was best to use a company as trustee of a trust that owned shares in another company that bought the land. This is rare but right for them.
• Considering the transfer of the dairy herd from an uncle to his nephew in the most tax affective manner. And also transfer of farm land from one brother to another. Issues – capital gains tax, and low livestock tax value.
• Considering the sale of a beef farm for 4 mill and the purchase of another for 1.2 mill and how to finance the new one until the old one is sold. Advice on capital gains tax concessions.
• Considering the sale of a hobby farm for 2mill and retirement.
• Advice to a farmer on the sale of a residential block of land held in Warragul and how to reduce capital gains tax by the “unused concessional superannuation contribution” caps.
• Advice on accessing the small business concessions on land sold by a client’s fathers estate.

• Advice on terms and values of a lease of a large farm. Substantial advice and planning on minimising taxation applicable to all livestock sold. And also future capital gains tax planning matters to be aware of.
• Completing 5 years financial statements and tax returns for a farmer within about 6 weeks, who had fallen behind due to ill health and not getting along with previous tax agent who had it in their office for a few years.
• Structuring a client’s entities for future growth as he has fingers in a few pies.
• Considering and advising on closing entities and creating another to run a new part of the business for a veg farmer.
• Preparing a budgeted cash flow projection for the next 3 years for the refinance of a 3mill loan and discussions with the bank.
• Advice to a hobby farmer but with valuable farm land on future sale of land, accessing small business CGT concessions and then contributing some to superannuation.
• Doing simple analysis if to retain an existing farm as well as buying another or selling the existing one, pros and cons.
• Advice on capital gains tax consequences of land being given to siblings.
• Establishing trusts and companies.
• Preparing documents for the ASIC to change directorship and shareholdings and advice to the client.
• Assisting with the decision to run less cattle on a beef farm and taking it easier instead of stressing about stocking rates in wet and dry.

• Registering new clients for the Fuel rebate as they are eligible but weren’t aware of it and having them claim back 4 years rebate.
• Providing financials and tax returns to numerous banks and lenders as required.
• Thinking of a way land wealthy parents can help their son buy a unit in Melbourne without giving him much money and working around the fact that banks don’t like 3rd party guarantors anymore.
• Planning prior to end of financial year for a substantial capital gain on the disposal of shares…minimising by reducing farm profit and making a superannuation contribution under unused cap rules.
• Planning prior to end of financial year for a substantial capital gain on the disposal of a rental property – minimised by prepaying farm expenses, enough to bring into a loss.
• Prior to year end – reviewing numerous clients figures to determine their likely profit and tax, and discussions around if to bother to do anything about it or leave as is given “averaging” applicable to each client, existing and new equipment to be written off, and future tax. If applicable, advice around the amount to prepay bills, pay into superannuation.
• Advice to a farmer who sold farm land at a profit in 20/21 to pay the taxable amount into superannuation even though his income was low enough to not pay tax on it, so that his farm losses can be preserved for future years therefore he won’t pay tax on future farming profits for some time.
• Advice on tax and financial consequences of building a new rotary dairy.

Personalised Solutions For Farmers

We do not outsource any part of the work. We work closely with you, asking the right questions so we can ensure every job is done efficiently, accurately and to the highest standard.

No matter what you need, we promise to work with you to always find the best, personalised solution to your business issues. Whether your business is big, small, or anywhere in between, reach out to our friendly team today to have a chat.

We Make The Process Of Changing Incredibly Easy

All you need to do is supply us with your last set of financial statements and tax returns and we will take care of the rest.
We will advise your previous accountant and update the ATO and ASIC.