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With the ongoing drought continuing to affect primary producers throughout Australia Chartered Accountants are well placed to provide support and services to people in the rural community.
As the drought drags on it is opportune now to start considering some options including de-stocking, refinancing, financing for planting crops, sale and purchase of water rights and allocations.
There are tax planning opportunities available in relation to deferring taxable income as a result of sale proceeds from livestock where primary produces are in ‘Exceptional Circumstances’ defined areas.
This deferral can assist in cash flow management and also help with financing restocking. Capital Gains Tax issues will arise from the sale of permanent water entitlements.
Chartered Accountants are well placed to assist you in preparing business plans and financial models to assist you in planning your way forward.
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