Specialist farm accountants in Colac

Posted on 30/10/2015 by Tim Clarke in Tax & Business Advice

If you own a farm, you know how important it is to plan for tough times. Australian farmers are resilient and our specialist farm accountants will ensure resilience, as well as a solid financial plan, will see you through.

Spring is here and the grass around Colac is green and growing fast. Silage has been cut and farmers are now looking to crop some hay; saving the surplus during spring to see them through the leaner months in winter. It’s the natural way of life on the land, why shouldn’t it be the natural way for your finances? Beef and sheep prices are up and land values have never been higher. Understandably, farmers have a bit of spring in their step; they’ve got some surplus cash in the bank as well as good feed in the paddocks. You know the cows have the feed covered, but what should you do with the cash?

The savvy farmer might be thinking he has to spend it before the Tax man takes his cut. But this isn’t the only option. Farm management deposits (FMDs) work just like your yearly hay or silage crop. By placing some of you bumper profits in an FMD during the good years, you save tax on it now and use it to top up your profits during the bad years, when you really need it. We have farm accountants in Colac who can explain all your options for minimising your end of financial year tax burden:

  • Farm management deposits (FMDs)
  • Concessional superannuation contributions
  • $20,000 instant asset write-offs
  • Small business tax concessions
  • Business restructuring.

Our farm accountants know all the options to help you save your hard earned cash. We specialise in agribusiness, from Colac to Cobden, our farm accountants know the land, and help those who work it.

Drop into our Colac office at 73 Gellibrand Street for a chat or give us all call on 03 5231 1527. One of our agribusiness specialists will be happy to see what they can do for you.