Farmers require exacting knowledge and experience to run their businesses successfully, and so do their accountants. Understanding how well various aspects of your farming business perform and why becomes a key input each year to your business planning process. Understanding profitability, however, is often more complex!
Munro's has been helping its farming clients for many years and has built up a wealth of experience in that area. Munro's accounting services include:
- Budgeting and cash flows
- Seasonal planning
- Preparation of financial statements
- Farm acquisitions and disposals
We have been providing high quality taxation compliance advice to our farming clients for over 40 years, and our consulting service finds innovative and acceptable solutions to difficult taxation issues. We advise on all aspects of taxation including Income Tax, Capital Gains Tax, Fringe Benefits Tax, GST, PAYG, and Payroll Tax as well as on tax efficient structures, including the use of trusts.
We manage all interactions with the Australian Taxation Office to ensure that your returns are right and that your tax position is optimized. We also handle ATO audits, high wealth reviews and other disputes on your behalf.
It goes without saying that you will invest in your farm. But what proportion of your time and resources are you able to devote to other investment areas such as non-farming property, shares, deposits etc.? Farm and personal fortunes become intertwined over the years and when the farm takes care of your needs, it’s easy enough to think everything is sweet. But if you moved off the farm tomorrow, what could you take with you? How much cash would you need? If you needed to borrow, what security could you offer? What income could you use to live on? We help with the answers.
We like superannuation as a life planning tool and you’d like the tax and cash flow advantages flowing from super to build your wealth a bit faster. But what assets, timing and how much you feed into superannuation needs some thought.
Succession planning for farming families is inherently complex and why it is often avoided for as long as possible! Think of it as a life plan. Planning done sometimes well in advance of the event, sometimes, not. Either way, the planning needs to be carefully thought through, based on a thorough understanding of family needs and dynamics as well as complex legal and financial structures. Every plan is different, there are no templates, but Munro’s professional and knowledgeable mediation throughout the planning and implementation process helps you get there.
Wills and Estates
An integral part of any life or succession plan is that the whole thing doesn’t fall over when you do. Making sure that your will and other appropriate end of life legal documents fit your life purpose and succession plan in every way is crucial. Sadly, mistakes and omissions are often only noticed when it is too late, but this certainly needn’t be the case.