Tax Planning

Tax planning is completely crucial Die Grenzpost

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We had a great year on the farm with grain and cattle sales and the cash flow was fantastic. However, my gut tells me that a tax bill is pending. What options do I have to assess and minimize taxes by June 30th? Your tummy is probably right. First, it’s important to note that taxes are paid on profits rather than revenue or cash flows, although these may be leading indicators that you may have a potential tax liability. Before June 30th, you should use a tax plan to understand what your estimated tax liability might look like. This is essentially a forecast of where your year-end profit or loss may land based on your actual annual results and estimates of income and expenses prior to June 30th. Understanding your estimated earnings will allow you to estimate tax liability based on your specific family structure and the options available to manage the tax. It is important to note that if you are worried about taxes, the sooner you get into tax planning, the more time you will have to discuss your options. Postponing grain and livestock sales until after June 30th is a quick option. In making this choice, however, you need to weigh it against managing without cash flow. The most common consideration for reducing an estimated tax liability is to consider options for additional tax-deductible expenses before June 30th. Your individual circumstances in family groups are critical to understanding the options you may have and your counselor should assist you in this. General considerations for additional agribusiness spending include: Given the ongoing challenges in agribusiness, it’s always good to hear when people have achieved strong results. Managing taxes can support cash flow. If this is important to you, I recommend completing your tax planning early so you have time to think about your options. For more information on this topic or with a question, please send an email to albury@findex.com.au

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We had a great year on the farm with grain and cattle sales and the cash flow was fantastic. However, my gut tells me that a tax bill is pending. What options do I have to assess and minimize taxes by June 30th?

Your tummy is probably right. First, it’s important to note that taxes are paid on profits rather than revenue or cash flows, although these may be leading indicators that you may have a potential tax liability.

Before June 30th, you should use a tax plan to understand what your estimated tax liability might look like.

These are essentially projections that can land your year-end results before June 30th based on your actual year-end results and estimates of income and expenses.

Understanding your estimated earnings will help you estimate tax liability based on your specific family structure and the options available to manage the tax.

It is important to note that if you are worried about taxes, the sooner you get into tax planning, the more time you will have to discuss your options.

Postponing grain and livestock sales until after June 30th is a quick option. In making this choice, however, you need to weigh it against managing without cash flow.

The most common consideration for reducing an estimated tax liability is to consider options for additional tax-deductible expenses before June 30th.

Your individual circumstances in the family group are critical to understanding the options you may have and your counselor should assist you in this.

General considerations for additional spending in the agribusiness include:

  • Prepayment of operating costs.
  • The 100 percent immediate depreciation allowance for investments.
  • Farm management deposits.
  • Unused limit deduction for pension contributions for balances below USD 500,000.

With the ongoing challenges in the agribusiness, it’s always nice to hear when people have achieved strong results.

Managing taxes can support cash flow.

If this is important to you, I recommend completing your tax planning early so you have time to think about your options.

For more information on this topic or with a question, please send an email to albury@findex.com.au

Although all reasonable care has been taken in the preparation of this article, Findex (Aust) Pty Ltd ABN 84 006 466 351 (Findex) assumes no liability for the reliance on this article to the extent permitted by law. All opinions, conclusions, projections or recommendations are reasonable at the time of writing but are subject to change without notice.

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