Click Here to Download PDF
Accounting for Primary Producers & Farmers
We understand how tough it is to run a farm because our Principal Tim Krause was born and bred on a farm and continues to run a farm.
Just like other business owners you have to contend with issues like finance and GST compliance but in most cases you also have to deal with long hours, seasonal issues, the climate and o course safety concerns with machinery and equipment. If you work with livestock like cattle, sheep, chickens or even fish and seafood you face some unique challenges. Farmers who produce wheat, grain, fruit and vegetables also have to deal with a host of issues including politics, prices, pollution and interest rates. Australia’s decade of drought followed by floods highlight the extreme variables a primary produces faces.
Given most farming pursuits are multi-generational we work with our clients with an eye on the future. Business structures are crucial while planning and cash flow forecasts are essential. Apart from assisting our farming clients with the usual compliance and bookkeeping work we also provide financial modelling services to assess ‘what if’ scenarios. We produce cash flows, finance submissions, budgets and can also assist you with finance for vehicles, equipment and machinery purchases.
We are very strong on the concept of ‘beginning with the end in mind’ and for that reason we make sure our farming clients have the right business structure in place. The wrong choice is almost impossible to unravel without significant financial, tax, legal and capital gains tax implications. When assessing structures we also take into account issues including asset protection, your family situation, profit forecasts and future plans to admit new partners.
As accountants we can project your best and worst case profit scenarios based on the price of your produce and by adjusting the key variables including price and various inputs like feed and seed, we can evaluate the impact on profit and cash flow. We can also assist you with farm viability assessments, farm risk management and strategic business plans.
In summary, we are more than just tax accountants. We are ‘business and profit builders’ who provide strategic advice and practical business solutions. We work hard to understand your farm and over the past decade primary producers and farmers have become a real niche area within our firm. If you're an ambitious farmer looking to boost your current results we invite you to contact us today.
You can expect practical business, tax and financial advice that could have a profound effect on your future business profits. To book your FREE, one hour introductory consultation simply call us on (07) 3812 1745 or complete your details in the box at the top of this page and we will be in touch.
Fusion Financial Group - Ignite Your Business and Your Wealth