This year when considering your annual tax planning, it is more important than ever for multi-generation farming and grazing enterprises to be thinking about what their future is to look like and how the possible scenarios for farm succession could be planned for, in the most financially effective way.
Extraordinary disaster assistance recovery grants of up to $50,000, as well as low-interest loans of up to $250,000, are now available for eligible primary producers after the floods that hit Central, Southern and Western Queensland in November and December 2021.
The focus of a well-orchestrated succession planning process must be around discovering and addressing the wants of individuals in a manner that ensures ongoing business viability along with the achievement of alignment and a sense of family equity. Read how.
Whilst not an exact science, following a structured framework in analysing differing concepts of equity not only assists in providing comfort in the context of “having done the best possible for all” but is also an effective tool in educating and conveying reason, to all family stakeholders, for what may be seen as tough, “knock on” implications of the concepts adopted.