Accounting for the Farming Industry
In the agricultural industry, a farm isn’t just a business, it’s a way of life. Family owned farms have often been passed down through generations and represent not just a source of income but the family home as well.
The farming industry has some very unique challenges through which having a knowledgeable and experienced accountant can make all the difference. How will the business get passed down to the next generation?
- How do you fairly treat non-farming children
- How will you ensure you have enough saved away in Superannuation when you retire?
- How do you budget for seasonal fluctuations
- What happens to the family home if you decide to sell the farm?
Running a farm is hard work, both mentally and physically. Both our Directors come from a farming background in Western Australia and in New South Wales respectively and understand all of the challenges faced by farm owners. With over 50 years of combined accounting and taxation experience in the farming industry, they are experts in this field. Lisel’s family are still operating their farm in New South Wales and her passion for the industry continues.
At Montague Partners, we can assist with:
- Taxation planning strategies
- Succession planning strategies &and estate planning
- Cash flow projections and budgeting
- Determining eligibility criteria for government grants
- Providing advice in relation to obtaining finance for farm equipment
- Providing assistance and advice in relation to farm management deposits
