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.
There is a lot of good to be achieved when succession planning is taken on proactively and within a structured process. Having wholesome conversations that discover the objectives and desires of all involved and dealing with challenging decisions without delay makes the process much easier and rewarding for all.
By failing to commence a transition, farming families could not only miss out on the business advantages that come from nurturing and developing another level of management autonomy, but also run the risk of missing out on real financial opportunities that have the potential to deliver a significantly enhanced the outcome for all.
Financial support of up to $3,000 is available to eligible drought-affected households through the Drought Community Support Initiative Round 2.
Carrick Aland has farmers covered with Farm Advisory services including your Farm’s Financial Plan. Call us 07 4669 9800 to get your Farm’s Financial Plan underway with a free no-obligation demonstration to see your FY21 farm budget in a new light.
As the coronavirus impacts our country and our way of life, we’re not only helping farm and business owners to endure the COVID-19 crisis; we’re future planning with families and businesses to thrive beyond it.
With unfavourable seasonal conditions expected to further reduce soil moisture levels in QLD cropping regions, we look at the impacts and the steps producers can take to plan and be prepared this summer.
Grants are available up to a maximum of $250,000 with a 50 per cent cash contribution requirement from applicants. Example projects eligible could include the development of new products or markets, or improved business processes where such investment creates employment.
