Cashflow/Budgets & Tax Forecasting
With the annual changes in the farming industry it is vital to keep track of income and expenditure. It is also important to know where you are heading . We have customised farming spreadsheets to assist with this task and determine future tax payable. Our reports are widely used by banks and other farming entities.
Detailed tax knowledge of livestock valuation schemes and current market values is essential for farm accounting. Advice on the most favourable scheme can change from year to year depending on the market values, announced tax values and farming prospects. Entering and exiting the schemes at the right moment could save substantial amounts of tax.
The correct movement between the most favourable schemes could have resulted in a tax saving of $254.76 per cow over the 2-year period (calculated at 33% tax).
Income Equalisation Scheme
The scheme is very useful in maximising student allowances, family assistance and child support allowances. It is self-funding and can be demonstrated with our special customised reports. The scheme could also save you IRD use of money interest.
We are able to assist you in making the best decision regarding your fonterra shareholding.
Please enter your current shareholding details and we will contact you regarding the best options available.
Repairs & Maintenance v Capital Expenditure
Some capital expenditure is considered as repairs and maintenance and can be claimed in the year when incurred. Please contact us for assistance. We also have a document available to our clients explaining the difference and what could be claimed as expenditure when building a new shed for instance.
Sale & Purchase Agreements
The timing of a sale and purchase agreement is important for tax purposes. We are able to review the sale and purchase agreement to maximise any tax savings.
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