In a planning process that establishes independent, financial security for the exiting generation as the priority, taking advantage of the significant taxation concessions associated with participating in this investment environment cannot be overlooked.
Carrick Aland Managing Partner and rural Succession Specialist, Wayne Turner, will be speaking at a free Rural Financial Counselling Service event on 3 March 2021 in Clifton.
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.
QLD agricultural employees could be eligible for payments of up to $1,500 to assist with accommodation & transport costs associated with travelling and staying remotely. Applications close once all funding has been allocated or before 30 June 2021.
Economics dictates that succession in a farming environment can rarely directly involve all family members of the next generation. Economics also dictates that farming successors require what can often be viewed as a ‘leg up’ to ensure the successful continuation and future viability of farming or grazing operations. Read why.
In our first article of this succession planning series, we focused on recognising the need for and encouraging early engagement in the succession process. But where to start?
Under the Federal Budget handed down this month, farmers can instantly write off the full value of machinery purchases. Previously, a portion would have been tax-deductible in the first year, and the rest would have depreciated over future years.
