Farming Challenges

Farmers face an array of daily challenges which may be unique to their business:

• climatic changes, droughts, floods, storms
• safety issues with machinery
• seasonal demand
• pollution
• political climate and uncertainty
• finance / interest rates

These pressures create a very difficult environment within which to operate a business while at the same time meeting your income tax and GST obligations.

Financial Planning & Reporting

We recognise these difficulties and seek to help our farming clients to achieve their desired results by assisting you with:

• Budgeting and profit planning
• Cash flow forecasting
• Farm purchases and sales
• General compliance and bookkeeping
• Ownership and business structure selection
• Tax planning

Whether you are farming livestock, growing fruit and vegetables, flower growing or growing nursery plants, we understand how difficult it is to run a farm and how hard it is to understand the constantly changing taxation system with all the pitfalls that it comes with.
So whether you are starting a new farming venture or have been operating for decades, we at Carmelo Mirabile & Co can guide you and keep you updated with the latest taxation changes and developments.

Taxation Issues

There are many different tax issues and concepts that surround a farming business:

• Accelerated deductions for assets
• Accelerated deduction for horticultural plants
• Capital Gains Concessions – Selling the farm
• Farm management deposits scheme (FMDS)
• GST relief
• Immediate deduction for landcare and tree planting
• Income averaging
• Livestock trading stock and valuations
• Non-commercial losses
• Water facilities concession

If you are looking to take your farm to the next level and wish to further grow your business and your profits; contact us (03) 9736 1877, profit from our experience; take advantage of our friendly and personalised services.