ACCOUNTING in TAREE

Farm succession often involves capital gains tax on transfer of property and stock, small business CGT concessions if conditions are met, GST treatment of any business transfer, and stamp duty (transfer duty) on land transfers. Each succession is different. We work alongside your solicitor on structure.

Sole trader is simplest. Trust or company structures provide more flexibility and protection but cost more to run. The right choice depends on income level, growth plans, whether employees are involved, and asset protection considerations. We can model the options.

GST registration is required once turnover reaches or is likely to reach the threshold. Registered businesses collect GST on most sales, claim credits on most purchases, and lodge a BAS quarterly or monthly. We help businesses meet the obligations and use the data for cash flow planning.

Beyond the standard tax compliance, primary producers have specific provisions including farm management deposits, primary producer averaging, livestock valuation methods, and water facility deductions. Effective use of these provisions depends on the operation. We tailor the engagement to your needs.

Retirement planning from a business involves the small business CGT concessions (potentially substantial tax savings if conditions are met), super contribution timing in the final years, the structure of any sale, and the income strategy after exit. Years of advance planning create more options than last-minute decisions.

The ATO has minimum record-keeping requirements (generally five years) covering income, expenses, GST, payroll, and asset purchases. Beyond compliance, good records support better business decisions and easier annual tax returns. Cloud accounting platforms have made record-keeping straightforward for most small businesses.