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🇦🇺 6 tips to help you prepare for end of financial year

The end of the financial year, June 30, is nearing. As a farmer, it’s an important time to tie up financial matters for the year gone, and plan for the year ahead. Below is a checklist of tasks for you to consider.

Update and collate your records

As well as making sure your farm records are up to date, it’s time to ensure your financial records are in order. You should talk to your accountant about the records they need but expect to conduct an inventory stocktake and produce a livestock reconciliation, both of which can be done in AgriWebb. You’ll also need a profit and loss statement and records of asset purchases or expenditure on farm improvements. 

Find out your tax entitlements

You can claim deductions for most business expenses. Talk to your accountant about your tax entitlements, whether they relate to motor vehicle and machinery expenses or investing in agtech for a more efficient operation. There are also tax concessions to support primary producers, such as tax averaging. Consider whether you can make use of these before the end of the financial year.

Complete and lodge an income tax return

When you need to lodge your tax return will depend on your business structure and whether you use a tax agent. You can find more information on the ATO website. You may also need to lodge reports or returns for pay as you go (PAYG) withholding, fringe benefits tax (FBT) and GST, and make superannuation contributions.

Check your insurances

No two farming operations are the same, so it stands to reason that insurance options for agricultural businesses can be a little overwhelming. It can be worth speaking to an insurance broker to get the cover you need at the right price. Check with your accountant but insurance premiums, being a business expense, are generally tax deductible.

Review your business structure

There is a range of farm business structures, from operating as a sole trader to working in a partnership or establishing a trust. Now is a good time to review your business structure and weigh up if it’s the best fit as your operation grows or your family situation changes

Set goals for the year ahead

After reviewing your performance over the last financial year, you’ll be better placed to work out how you can improve farm operations. Goal setting is a valuable practice to help you achieve what you want in the year ahead. You can chat to the AgriWebb team about our services and training if you have specific goals you want to achieve over the next 6-12 months. 

Work with stakeholders to decide on your ambitions for your property, and the steps you can take to get there. Goals could include being audit ready, preparing for handover, improving pasture management or building drought resilience. 

Whatever goals you decide on, AgriWebb farm management software can help turn farm data into actionable insights. 

To find out how AgriWebb can help you reach your management goals, sign up for a free trial today.

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