Are you a Primary Producer?
We are experienced in all aspects of primary producers
Primary producers are the backbone of the regional and rural economy. Recognising the unique economic, environmental and climate issues faced by primary producers, a number of unique tax concessions have evolved that apply only to primary industries.
What is a Primary Producer?
A primary producer is an individual, trust or company carrying on a primary production business and this includes activities such as plant and animal cultivation, fishing and pearling, tree farming and felling. We understand that there is a smorgasbord of legal, financial and accounting issues to deal with, for primary producers.
This includes but is not limited to dealing with employees, suppliers, wholesalers, labelling, distribution, zoning and environment law to name a few. There are also compliance requirements with the Australian Consumer and Competition Commission (ACCC), the Australian Securities and Investments Commission (ASIC) and industry bodies such as Horticulture Australia (HAL), to ensure that you are dealing with consumers and other parties in an ethical and legal manner.
Farming can be challenging enough, particularly if you do not have the right partner in your business.
Our services include all aspects of tax accounting and planning, pre-30 June reviews, tax cost minimisation strategies, capital gains tax record keeping, BAS and IAS requirements, and cloud bookkeeping services. We will make sure you comply with all statutory requirements at both state and federal levels – it is our job, not yours, to keep up with all the legislation.
Let Toorak Tax Accountants, we take care of your XERO and MYOB bookkeeping needs while you focus on growing your business! We offer bookkeeping services for small businesses in all the major suburbs in Toorak. We will take care of your books while you focus on making more sales for your small business. Check out our accounting solutions and see which suits your needs.
We ensure that you are structured in the most tax-effective manner so that you can be confident that you are paying the least amount of tax possible. Legally minimising the amount of tax payable is strongly dependent on having the appropriate structure in place so that you can apply the funds towards growing a sustainable business.
Tax Advice for Primary Producers
We are experienced in all aspects of primary producers including farm management and can assist you in a number of areas including cash flow and profit budgeting, farm business planning, finance applications and farm purchase feasibility services.
Toorak Tax Accountants Tax Accountants can offer many accountant services to our primary production clients, including:
- Farm Business Planning
- Tax Registrations including ABN, TFN, GST, WorkCover etc.
- Preparation of Business Plans, Cash Flow Forecasts and Profit Projections
Are you already operating or considering starting a business as a sole trader? Toorak Tax Accountants can help as we are a 'one-stop-shop' for accounting services and tax advice for sole traders and small businesses.
Providing accounting, tax and business advisory to professional services industries comes naturally to Toorak Tax Accountants. We have a large clientele of professional services clients who seek advice and knowledge specific to their industry.
We are very strong on the concept of ‘beginning with the end in mind’
..for that reason we make sure our farming clients have the right business structure, management and succession planning in place. The wrong choice is almost impossible to unravel without significant financial, tax, legal and capital gains tax implications. When assessing structures we also take into account issues including asset protection, your family situation, profit forecasts and future plans to admit new partners.
Building and maintaining a successful business in today’s rapidly changing environment is a balancing act. Sustaining year on year growth, while keeping up to date with commercial and legislative compliance and managing the challenges of daily business operations, places huge demands on business owners and directors.
Our specialist advisors work with you in a role to help you plan and implement contemporary business practices that will allow you to keep a close eye on the detail while not losing sight of the big picture.
Our Self Managed Super administration service can help you achieve the benefits of an SMSF by taking care of the administration and compliance of your SMSF, creating free time for you to focus on the critical job of managing the investments of your fund.
With a self-managed super fund, you are in charge of your super and where it is invested, plus you manage those investments yourself.
At Hillyer, Richeswe provides comprehensive financial advice to our clients with an enthusiastic and proactive approach. Our strong team of experienced professionals will work with you towards identifying valuable solutions on how best to achieve your goals. Toorak Tax Accountants is a Toorak based Chartered Accounting firm offering timely and cost-effective services to both individuals and businesses. We consist of a team of accountants and business consultants dedicated to providing the highest quality accounting, taxation, bookkeeping, and business advisory services.
There are lots of tax rules you should know about if you’re a farmer, some of them specific to primary producers.
Toorak Tax Accountants Tax Accounting Services can help you work out which ones apply to you. Here’s a summary of the key points for primary producers:
- Company tax rate for most businesses with a turnover up to $50 million is now 27.5%.
- Change business structure without capital gains tax, e.g. partnership to company.
Since its inception, Toorak Tax Accountants has been at the forefront of tax and accounting, providing a broad range of services to local businesses in Toorak. We offer Individual Tax Returns, Business Taxation and Accounting, Financial Planning, Self Managed Superannuation Funds, and Bookkeeping services.
We have extensive experience in servicing the manufacturing industry, including the provision of accounting, information technology, and audit services, and regular periodic management reporting. Supplemented with more detailed financial analysis, this lies at the heart of astute commercial decision making.
Doing accounting for primary producers is much more complex than it is for most small, city businesses.
It calls for industry knowledge and familiarity with thousands of pages of taxation law – much of it changing year-to-year – that governs the tax credits and requirements that are critical to primary producers.
Our accountants have worked with graziers, landowners, various agriculturists and fishers for years. They understand the special blends of costs, depreciation, seasonality, market shifts and commodity price fluctuations that make primary production a challenging AND rewarding venture.
Discuss your business accounting needs with Toorak Tax Accountants today!
We understand what farmers require to effectively manage the finances of their farming operations. We have been a leading provider of business and financial advice, taxation, and accounting services to Primary Producers and the rural sector for more than 30 years. Enquire today to find out how we can help you with your farm.
Our experience and relationship with franchise groups give us real-time insight into franchise systems and their performance. We provide franchises with business, taxation and accounting services. We can also act as consultants to the head franchisors in setting up cloud accounting & business and structures.