Tax reprieve for drought-hit farmers

IT HAS been a difficult year for primary producers. Drought has seen the need for large capital outlay for feed, and in most cases the decision to destock and significantly reduce numbers.
Coupled with low market prices, brought about by oversupply, many farmers are feeling the pinch and concerned with their future sales ability given their numbers have been reduced.
But what will the tax implications be for the increase in sales?
Will you be looking at paying in excess of 30 per cent to the tax man this financial year?
It’s a daunting situation that many are facing and without the correct advice and a proactive approach to handling your matters, will have even further impact on your cash flow.
Kristen Lovett Accountings Services (KLAS) is no stranger to primary production and are experts in the strategies necessary to maximise deductions, apply concessional rules and minimising tax.
In addition they review your position and supply advice on other areas in your business that may require attention or that will offer some relief to the pressures you already face.
Do you have additional equity in Plant and Equipment that can be released to provide additional working capital to your business?
We can review your position and offer suggestions relative to the improvement of cash flow.
Off farm income and paying too much in tax? KLAS is able to show you how to obtain the best tax advantages through your primary production enterprise and see larger refunds received annually.
Self-managed superannuation is also an incredible tool for most primary producers, allowing for better wealth management, better allocation of funds and greater retirement strategies, in addition to tax savings.
Are you using tax free thresholds to the best of your ability? Do you have further tax savings available in working family members?
Do you know the special rules for primary producers?
There are extended rules for primary producers and allowable deductions.
To ensure you are in the best position you can be, have proactive advice and pay less tax, you need to speak with Kristen Lovett Accounting Services on 02 6736 1145. Call and arrange a free consultation with Kristen Lovett and she will show you how she can improve your position. Also follow the Kristen Lovett Accounting Services Facebook page for all your tax tips, government funding announcements and grants and proactive advice.