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Farm Accounting & Tax

There are 2 ways of doing farm accounting and tax – which do you prefer?

Doing financial statements 6 months after June 30 and being told “…if only you’d come and seen us sooner. We could have helped and saved you tax.”

This is like driving a a tractor while looking out the rear window. All you see is whats already past and it’s not much use to you – PLUS you can’t see where you’re going!

OR

Doing your accounts regularly throughout the year, planning for cash flow needs and preparing in advance to minimise farm tax.
Having a clear vision ahead…This is the Farm Accountants method and it doesn’t need to cost any more.

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Proactive Accountants that have your back

Accounting & BAS

Most accountants prepare financial statements for farmers, which are just used to prepare your tax return. This can often include income and expenses from up to three different years and is useless in helping farmers to make financial decisions.

We prepare your financial statements that match the income and expenses to your farming season!

These can still be used to prepare your tax however they provide much more:

  • The ability to compare the current year with past years season
  • Meaningful cash flow information
  • Calculations on costs per hectare season by season
  • How much actual income you make by season and income type
  • Makes budgeting a breeze. All we need is your cropping or livestock program

This is how we do our farm accounting! How does your accountant compare?

We are happy to use your choice of accounting software or we can recommend something new.

Taxation

Our experience and up to date training, means we have a strong knowledge of tax laws and requirements and most importantly, how to apply them. Despite a very complicated tax system, our approach is simple.

We search for ways to legally minimise your tax, lodge on time, manage payments and help you maintain a good relationship with the ATO.

When it comes to farm tax, we are big enough to do the clever stuff and small enough to still care. It’s our aim to keep you covered on the following:

  • Small business tax concessions
  • special farm tax deductions
  • CGT planning and advice
  • planning to minimise tax

Taxation isn’t going away – but we won’t let it overwhelm you!

Bookkeeping

Farmers wives or partners do a great job of bookkeeping however, if you ever need help though here are some services we offer.

Our bookkeeping division – Azure Bookkeeping, can do as much or as little as you need:

  • With streamlining your bookkeeping process
  • To have someone fill in short term due to sickness or travel or other reasons
  • Or you just don’t want to do it anymore
  • Or it makes sense to outsource so you can focus on things that matter the most

Did you know much of this can be done for around $50 per week for an average sized farm?

Request a farm visit

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