Rural accountants for primary producers in Mount Gambier
People involved in primary production are different. It’s a lifestyle as well as a business, one which gives a sense of satisfaction that other people, not associated with farming, have not experienced. The fact that your livelihood is controlled by factors outside your control gives you a different outlook and is the driving force behind many business decisions. As your rural accountants in Mount Gambier and other rural areas in South Australia and Victoria we understand the specific needs of primary producers.
A primary production business is one which produces plants, animals, trees or fish for the purpose of making a profit. A simple statement, but it covers a range of very different businesses; each with a myriad of special provisions that relate specifically to primary production.
For example, income averaging and the ability to use Farm Management Deposits are just a couple of these. Through the use of these provisions and careful planning, farmers have the ability to limit the amount of tax they might pay in the “good years”.
It is not just the special provisions; there are also a number of ways that the application of existing laws can create benefits. The ability to use superannuation to buy the farm, or even part thereof, and the application of the small business Capital Gains Tax concessions for primary producers highlight some of the ways our rural accountants have been able to assist our primary production clients in the past.
And it is not just income tax where Primary Producers are treated differently. With GST and stamp duty there are specific exemptions for primary production, which can save you thousands of dollars.
Knowing how and when to apply these provisions can make a significant difference to the timing and amount of your taxation obligations, and the use of one of our professional Mount Gambier based advisors, with the experience and knowledge to apply these provisions, will maximise those advantages associated with being a primary producer. Sinclair Wilson is one of the largest accounting firms practising in regional Australia and we have rural accountants with the experience to understand your primary production business.