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Farm Tax Return
We can help prepare and lodge Australian tax returns for:
Farming businesses and their families,
no matter where you are in Australia.
Financial Statements
Together with the tax return we will provide the:
- Financial Statements; and
- Documentation,
… so your farming business meets, and optimises, its legal and regulatory obligations.
If an audit is required, we can seamlessly arrange it.
Everything is prepared on the basis of satisfying your unique circumstances and
minimising tax as much as legally possible.
Read Key Points & Transcript
Income Tax Return
video key points
- The Australian tax system requires all entities, including individuals and various business structures, to lodge annual income tax returns, emphasising the taxpayer’s responsibility to accurately apply complex and evolving tax laws.
- Regular updates to tax laws and the establishment of new case law by courts make it challenging for business owners and investors to stay informed of their tax obligations, highlighting the necessity for professional accounting assistance.
- Our team is committed to collaborating with clients and their teams, sharing our knowledge and expertise to ensure accuracy in tax returns and compliance with legal requirements.
- We proactively work with both established businesses, startups, family groups and investors to protect hard-earned wealth, focusing on legal strategies to minimise tax liabilities and safeguard financial interests.
- If you need assistance with preparing an income tax return, we encourage you to reach out for professional support, ensuring confidence and reliability in managing your tax affairs.
Presented by: Brian Khoo
video transcript
Generally speaking, individuals, partnerships, companies, trusts, co-operatives and Self-Managed Superannuation Funds (SMSF) are required to lodge an annual income tax return in Australia.
The Australian tax system places the onus on you, the taxpayer, to know the rules and apply them correctly in your tax return.
With the tax laws changing regularly and new case law being established by the courts day-in and day-out, it is almost impossible for business owners to stay abreast and fully informed of tax obligations without the assistance of a professional accountant.
We’re here to collaborate with you, and your team when necessary, to share our knowledge and expertise and to ensure accuracy in your tax returns.
Whether you are an established business or a startup embarking on a new venture, our proactive accountants will work with you to ensure that your hard earned wealth is protected and that you are paying as little tax as legally possible.
You can have complete confidence knowing that your business and personal tax affairs are in capable hands.
So, if you’re needing assistance with preparing an income tax return, then please give us a call. We’re here to help.
Price
Price depends on your specific situation and is impacted by factors such as complexity of your farming business, investment and personal affairs, completeness of data, compilation of data, number of different accounts, wallets and exchanges, types of transactions, number of investments traded, and timeliness of advice and assistance sort.
Our pricing generally begins at:
- $7,000+GST per annum for small farms ($0-$1 million revenue);
- $10,000+GST per annum for medium farms ($1-$10 million revenue); and
- $20,000+GST per annum large farms ($10 million+ revenue)
Ultimately, the price is determined on a case-by-case basis and we can provide a specific quote in due course (after receiving all source information), giving you a clear understanding of the price before proceeding with tax return preparation services.
Information We Need
The following information is what we need to prepare a quote and your tax return:
- Details of your farm business:
- What are the legal entities?
- Who are the owners?
- Copy of most recently lodged tax return.
- Copy of most recently completed financial statements.
- Copy of 4x most recently completed Business Activity Statements (BASs).
- Copy of most recently lodged Fringe Benefits Tax (FBT) return, if applicable.
- Access to your bookkeeping software (or spreadsheets) containing all transactions.
- Please ensure your bank, loan and credit card accounts are all reconciled.
- Please ensure your receivables and payables are all reconciled.
- Agreements and statements for all new financing and leasing (loans, hire purchase, chattel mortgage, etc) taken out during the year.
- End of year stock take report.
- Number of Bales of Wool on Hand.
- Number of Bays of Hay on Hand.
- Number of Sheep on Hand.
- Number of Cattle on Hand.
- Number of Pigs on Hand.
- Tonnes of Grain delivered to CBH, etc, but not sold. I.e. under a harvest loan/deferred payment arrangement.
- Details of forced disposal of livestock due to loss or destructions of pastures or fodder by fire, flood or draught, or compulsory destruction of diseased livestock.
- Exact numbers and sale values.
- Invoices for major expenditure. Especially for:
- Plant and equipment / Farmland / Asset purchases.
- If you have obtained a Tax Depreciation Schedule from a Quantity Surveyor, include it.
- For land, include the contract / Offer & Acceptance together with the Final Settlement Statement.
- For purchases with delayed delivery, advise the delivery date (when it was first available to use).
- Major repairs or renovations.
- Insurances.
- Accounting, legal & professional fees.
- Licenses.
- Subscriptions.
- Donations.
- Fines and penalties.
- R&D (include R&D Tax Incentive application and reports, if applicable).
- Related-party transactions.
- International transactions.
- Plant and equipment / Farmland / Asset purchases.
- Invoices for major sales. Especially for:
- Farmstock sales.
- Grains.
- Livestock.
- Wool.
- Hay.
- Milk.
- Plant and equipment / Farmland / Asset sales.
- For land, include the contract / Offer & Acceptance together with the Final Settlement Statement.
- Insurance payouts.
- Reimbursements.
- Related-party transactions.
- International transactions.
- Farmstock sales.
- Logbook for motor vehicles uses partly for farming and personal-use.
- Odometer reading at 1 July and 30 June for each motor vehicle.
- Where personal / investments (shares, property, SMSF, crypto) tax is involved, refer here:
- Anything else which we need and should know about your tax affairs.
You may provide this information by email, or alternatively you can upload to our secure client account facility. If you would like to use the client account facility, then please let us know and we will arrange for a team member to setup your account.
Tell us about your problem and we’ll respond within 1 business day.
- Call Us 1800 818 924
- Email Us ExperienceSuccess@munros.com.au
-
Visit Us
308 Fitzgerald Street
Perth WA 6000