To achieve a level of comfort around accepting the financial position imposed by any proposed plan, farm successors need to know exactly how addressing the identified wants of an exiting generation will impact their future viability.
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?
You can claim an activity supplement if you get Farm Household Allowance. Activity supplements help pay for activities in your Financial Improvement Agreement and can add up to $10,000 in total.
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.
Accountant and Auditor David Johnston has been a familiar face at Carrick Aland since 1990 when he joined us straight out of university. Now as a Director, read why David still finds his role challenging yet very rewarding.
Tax ‘safe harbour’ for inherited property When someone inherits a dwelling there are some special rules contained within the main residence exemption provisions that can provide a full exemption if certain conditions are met. If the conditions are not met, the beneficiary might face a nasty capital gains tax (CGT) bill for their good fortune.…
5 questions to ask your family NOW about the future handover of your farm.
