The Art of Tax Planning
03/31/22 • 28 min
Farm profits will be interesting this financial year with strong milk prices and milder seasons being in our favour but then on the other side of the scales we have pricing pressures on key inputs such as fertiliser and wet weather and severe flooding impacting many dairy businesses on the east coast of Australia. Whether you are looking at a profit or a loss for your dairy business, we are now in the final quarter of the financial year and if you don’t already, you should really be looking at tax planning with your accountant to manage your tax position as effectively as you can.
Our guests this month are two enthusiastic and experienced accountants from Boyce Chartered Accountants who discuss strategies to help dairy farmers with the art of tax planning. Kate Garrett and Dan Medway have a very good understanding of agricultural businesses and have dairy clients they work with throughout NSW.
Useful resources related to this podcast:
Dairy Australia – Farm Business Management training options
The Dairy Standard Chart of Accounts
This podcast is an initiative of the NSW DPI Dairy Business Advisory Unit
It is brought to you in partnership the Hunter Local Land Services
Please share this podcast with your fellow farmers and colleagues and feel free to contact us with suggestions or comments via this email address [email protected]
Further NSW DPI Dairy channels to follow and subscribe to include:
DPI Intensive Livestock Twitter feed
Transcript here
Produced by Video Lift
The information discussed in this podcast are for informative and educational purposes only and do not constitute advice.
Farm profits will be interesting this financial year with strong milk prices and milder seasons being in our favour but then on the other side of the scales we have pricing pressures on key inputs such as fertiliser and wet weather and severe flooding impacting many dairy businesses on the east coast of Australia. Whether you are looking at a profit or a loss for your dairy business, we are now in the final quarter of the financial year and if you don’t already, you should really be looking at tax planning with your accountant to manage your tax position as effectively as you can.
Our guests this month are two enthusiastic and experienced accountants from Boyce Chartered Accountants who discuss strategies to help dairy farmers with the art of tax planning. Kate Garrett and Dan Medway have a very good understanding of agricultural businesses and have dairy clients they work with throughout NSW.
Useful resources related to this podcast:
Dairy Australia – Farm Business Management training options
The Dairy Standard Chart of Accounts
This podcast is an initiative of the NSW DPI Dairy Business Advisory Unit
It is brought to you in partnership the Hunter Local Land Services
Please share this podcast with your fellow farmers and colleagues and feel free to contact us with suggestions or comments via this email address [email protected]
Further NSW DPI Dairy channels to follow and subscribe to include:
DPI Intensive Livestock Twitter feed
Transcript here
Produced by Video Lift
The information discussed in this podcast are for informative and educational purposes only and do not constitute advice.
Previous Episode
Fall Armyworm Impacts and the Feed That Gets Better With Time
The potential for reduced yields and fodder quality in corn and sorghum crops is something that now has to be proactively managed by farmers as a result of detection of fall armyworm in Australia. It is a plant pest that first appeared in QLD in February 2020 and also the NT and norther parts of WA. It has subsequently been found throughout the eastern seaboard as far as Tasmania. Being a new pest, we are still learning how to best manage it and this month we hear from Ross Warren, Senior Dairy Extension Officer with QDAF who has seen the impact across many farms in the subtropical region of NSW and QLD and how dairy farmers are managing it. Also joining us is Jason Bake, who runs a family dairy operation near Coffs Harbour in northern NSW. Corn silage is a large component of his herds diet and we hear how they have managed it on farm, as well as why Jason views corn as “the only crop that improves in value over time”!
Useful resources related to this podcast:
Subtropical Dairy/QLD Department of Ag and Fisheries – Fall Army Worm Update Webinar
NSW DPI Fall Armyworm resource page
Dairy Australia Fall Armyworm resource page
This podcast is an initiative of the NSW DPI Dairy Business Advisory Unit – further information and resources are available here
It is brought to you in partnership the Hunter Local Land Services
Please share this podcast with your fellow farmers and colleagues and feel free to contact us with suggestions or comments via this email address [email protected]
Further NSW DPI Dairy channels to follow and subscribe to include:
DPI Intensive Livestock Twitter feed
Transcript here
Produced by Video Lift
The information discussed in this podcast are for informative and educational purposes only and do not constitute advice.
Next Episode
Setting My Business up for Success
This month we take a look at business planning – getting clarity on what your business is about, what you are trying to achieve and how you are going to get there.
A report by the UK’s Agriculture and Horticulture Development Board (AHDB) in 2018 identified 8 factors that characterised their top performing farms, one of which is ‘setting goals and budgets’. Their findings showed that (quote) “Farms that write a formal long-term business plan are more profitable than others. Writing your ambitions down is one of the most successful ways to visualise in your mind what you want to do and therefore for it to happen ,...”
Greg Duncan leads a national program developed by Dairy Australia called Our Farm Our Plan that aims to support and guide farm businesses through their own business planning. He will explain this program to us today.
Sarah Wake is involved in the family farm near Singleton in the Hunter Valley and shares with us her experiences in the program thus far.
Useful resources related to this podcast:
Our Farm, Our Plan landing page on the Dairy Australia Website.
Farmers can also call the Our Farm, Our Plan team on 1800 548 073
This podcast is an initiative of the NSW DPI Dairy Business Advisory Unit
It is brought to you in partnership the Hunter Local Land Services
Please share this podcast with your fellow farmers and colleagues and feel free to contact us with suggestions or comments via this email address [email protected]
Further NSW DPI Dairy channels to follow and subscribe to include:
DPI Intensive Livestock Twitter feed
Produced by Video Lift
The information discussed in this podcast are for informative and educational purposes only and do not constitute advice.
The Business of Dairy - The Art of Tax Planning
Transcript
The Business of Dairy
Episode #11 Transcript – “The Art of Tax Planning”
Sheena Carter: Welcome to the Business of Dairy Podcast. I'm Sheena Carter, Development Officer with the New South Wales Department of Primary Industries Dairy Team. Farm profits will be interesting this year, with strong milk prices and milder seasons being in our favour. But then on the other side of the scales we have pricing pressures on key input
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