As the end of the financial year approaches, the Rural Financial Counselling Service NSW is urging farmers to prioritise tax planning to improve the security of their financial future.
“Tax planning should be ingrained in the normal financial management of every farming business,” says Craig Hough, CEO of RFCS NSW.
”A well-devised tax plan can mean the difference between facing a significant tax bill or enjoying a comfortable financial position for the farm and their family, not just for the current year but for years to come.”
Tax planning involves accurately estimating income and expenditure, understanding the estimated tax position and implementing appropriate strategies to manage tax liabilities effectively. For farmers there are numerous options available for improving their tax position, making it important to initiate planning early with the guidance of trusted tax professionals.
“When it comes to tax planning, RFCS NSW has three golden rules, always consult professionals, start planning early and address significant issues. No matter the size or complexity of taxes, a professional tax advisor can provide valuable insights and savings opportunities that may not be apparent otherwise,” he says.
Craig says, while having a tax professional on the farmer’s side is imperative, their knowledge of the farmer’s business is only as good as the information they give them. To maximise the benefits of working with a tax professional, farmers must have a deep understanding of their business and actively participate in the planning process.
RFCS NSW is a not for profit organisation that offers support to farmers in navigating tax preparation, understanding financial positions and developing action plans to achieve their goals.
Farmers are encouraged to contact their local Rural Financial counsellor on 1800 319 458 for personalised assistance and guidance in tax planning.
ENDS
RFCS NSW Media Enquiries
Stakeholder and Communications Manager: Kate Anderson
kate.anderson@rfcsnsw.com.au
0487731788
