Got your farm’s tax planning in hand this EOFY?
Tax planning is essential for primary producers. It can have a significant impact on the financial well-being of your farm or farming business.
Proper tax planning allows farmers to maximise deductions, minimise tax liabilities, plan for tax obligations in advance, structure farm businesses tax-efficiently and maintain compliance with tax regulations.
Primary producers can leverage eligible deductions related to expenses such as livestock, machinery, and infrastructure to reduce their taxable income and lower their tax bill.
Tax planning helps farmers time their income and expenses strategically to minimise tax obligations, which is particularly important for farmers who face seasonal income fluctuations.
By forecasting income and expenses for the upcoming year, farmers can avoid potential penalties and interest charges for late or underpayment of taxes.
Tax planning also offers the opportunity to structure the business in a tax-efficient manner.
For instance, restructuring the business as a partnership or company can have significant tax advantages, especially for estate planning purposes.
Tax legislation continually changes and it can be challenging for farmers to keep up to date. Tax planning services such as Carrick Aland’s Agriplan provide farmers with accurate tax advice, ensuring compliance with all relevant tax laws and regulations.
With tax planning being a critical activity for primary producers, Carrick Aland’s Farm Tax team offers a tailored tax planning service well in advance of 30 June, helping farmers to achieve their financial goals, ensure the long-term success of their business (and avoid a call from the tax office).
Make a tax planning appointment in Dalby, Toowoomba, Chinchilla (or remotely) today on 4669 9800 or visit carrickaland.com.au/farm-tax.