For farmers expecting a profitable year this financial year, now is the time to start thinking seriously about tax planning.
Getting organised early gives you and your accountant the time and clarity to make informed decisions before 30 June. The earlier you get on the front foot, the more options you’ll have available to you.
Here are five key steps to help you prepare:
Most farmers will already be working on their March BAS – but this year, more than ever, it’s worth getting it done early. Once you’re up to date, April becomes your window to focus on tax planning.
Take a look at what income you expect to come in between now and 30 June, and what expenses are likely to go out. These projections will help your accountant provide more tailored advice.
Tax planning isn’t just about this year – it’s also about looking ahead. If next year is shaping up to be a good one too, that can influence which strategies will work best now.
Once your numbers are in order, lock in a time with your accountant. The earlier, the better. With good information on hand, they’ll be able to explore your options and help you put the right plan in place.
Having a plan is great – but acting on it is what counts. Whether it’s prepaying expenses, contributing to super, or reviewing your finances, your accountant will guide you through what needs to be done – and when.
*This blog/article is general and does not take into account your objectives, financial situation or needs. You should consider whether the advice is suitable for you and your personal circumstances. If relevant: Before you make any decision about whether to acquire a certain product, you should obtain and read the relevant product disclosure statement.
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