Understanding farming with a specialist rural focus in Queensland
Farms are businesses too!
Carrick Aland can assist individuals, partnerships, trusts or companies operating a primary production business to be compliant with Tax Office regulation, make the most of deductions and concessions, and help legally minimise tax.
Carrick Aland’s own tax team is comprised of many local farmers who know firsthand that the devil is in the detail when it comes to getting your tax right.
Fodder storage assets
Primary producers can claim an immediate deduction for fodder storage assets such as silos and hay sheds used to store grain and other animal feed. The deduction is available if the asset is first used or has been installed and ready for use on or after 19 August 2018. The immediate deduction can be claimed in the year the expense is incurred.
A water facility is plant or a structural improvement, or an alteration, addition or extension to plant or a structural improvement that is primarily and principally for the purpose of conserving or conveying water. You may be entitled to claim a deduction for capital expenditure incurred on a water facility if you are a primary producer or an irrigation water provider.
Evening out the bumps in income
As a primary producer, tax averaging evens out your income and tax payable over a maximum of five years to allow for fluctuations in prices and production. This ensures that you do not pay more tax over a number of years than taxpayers on comparable but steady incomes.
Farm Management Deposits
The farm management deposits (FMD) scheme is designed to enable primary producers to deal with varying income. The scheme allows you to make tax-deductible deposits during prosperous years that you can redraw (and pay tax on) during less prosperous years. Subject to certain conditions, deposits are deductible in the year you make them.
Additional assistance during tough times
Farm Household Allowance
Eligible farmers and their partners experiencing financial hardship may be eligible for assistance through planning and training for long-term financial improvements as well as income support. To seek advice on eligibility or to discuss how to apply, contact Carrick Aland on 07 4669 9800 in the first instance.
Business and farm concessions
Funding may be available for business and farming enterprises with a range of concessions and funding, yet many businesses simply don’t realise the opportunities available to them, which we outline here.
Drought help and support
Are you impacted by drought? Read how the ATO can make tax easier while times are tough.
Carrick Aland are QLD’s leading Rural and Small Business Financial Specialists helping our region to thrive with accounting, tax and tax planning advice to individuals, agribusinesses and farming families. From simplifying tax to running a smarter operation, we help grow your business and personal wealth to achieve your desired lifestyle.
Working closely with farm businesses – from start-ups to succession, sale or into retirement – we help you take advantage of technology and tip the working in vs working on balance in your favour. Carrick Aland is at the forefront of farming technology being a Xero Gold Partner as well as a pilot firm for Figured in Queensland.