We understand that farming success comes from hard work, a respect for the land and family unity.
Local knowledge of Farm Accounting in Esperance and Surrounding Regions
Having grown-up in farming families themselves, our Agribusiness Client Managers: Melissa McKenzie and Cheryl Murdock, have a comprehensive understanding of the challenges in managing farming business operations effectively and profitably. As a local CPA firm, at Smith Shearer, we're familiar with the unique complexities that come with running a farming enterprise in Esperance and surrounding regions. Some of the conditions we expect to encounter include: extreme fluctuating weather conditions and bushfire season, geographical isolation, instability in relation to commodity prices and shifting tax legislation.
Our farm accounting services go beyond financial statements and tax returns. We understand the risks and opportunities unique to the grain industry, livestock farming, pisciculture and farming in the Esperance-Goldfields region. We take a strategic view of your operations and provide farming families and businesses with customised strategies to:
Grow and expand farm operations sustainably and tax effectively
Improve cashflow and minimise risk
Plan a fair and equitable transfer of farm assets to the next generation, reducing the potential for family conflict and maximising wealth from a "whole of family" perspective.
Agribusiness Advisory Services
Smith Shearer are a specialist accounting firm for the agricultural industry. Our priority is to learn and understand your farming business so that we can provide you with and assist you to implement and manage custom strategies to meet your business, family and personal wealth goals.
Agribusiness presents a unique set of challenges when preparing financial statements and tax returns, and the treatment of these issues can have a significant impact on the tax liabilities that result from their preparation. Our specialist agribusiness CPA services give you the peace of mind in knowing your ATO compliance and tax affairs are in order.
Smith Shearer's aim is to minimise your business and personal tax exposures by legitimate planning and being aware of the changing taxation requirements. This involves developing ideas and solutions capable of being implemented into your business structure.
This doesn’t mean transferring assets now, rather, it’s about starting to plan the farm business for the future so that the older generation can start to think about what their retirement might entail and what sort of retirement funding this future would require. It’s also a blueprint for the younger generation, giving them a sense of direction and security in their farming future.
A lot of hard work goes into running a farm, and it's important to have the peace of mind in knowing that your wealth will be passed to the next generation as you wish. Farms are often owned via a series of trusts, and therefore require detailed estate planning beyond a basic will.
We have in-depth knowledge of a range of agribusiness-specific accounting software options. We are able to assist you to covert and maintain your farm's financial records, and view your financial performance in real-time.
We have an in–depth working knowledge of the various tax incentives, concessions and exemptions available to primary producers and know how to utilise them to get the best result for our clients.
We adopt a long term focus, considering intergenerational issues along with the volatility and unpredictability of profits and cashflow due to seasonal and commodity price fluctuations.
We take the time to understand your business and financial goals, keeping the 'big picture' in mind when evaluating the correct structure to be used when acquiring farm land and 'off- farm' investments. We also ensure your operating entity allows for flexibility, tax minimisation and asset protection.
In addition, our expertise and that of our network of advisors assist in taking the stress out of the often difficult task of planning for your estate, giving you the peace of mind that all is in order.
Additional Services that we can assist you with include:
Farm Business Planning
Cash Flow And Profit Budgeting
Preparation of Business Plans, Cash Flow Forecasts and Profit Projections
Finance Applications including for Vehicles and Farm Equipment
Advice on Purchase or Sale of the Farm including Capital Gains Tax Issues
Tax Registrations including ABN, TFN, GST etc.
Advice regarding Claiming Motor Vehicle Expenses
Covid-19 and Economic Recession Survival Strategies
Advice regarding Employee Relations and Workplace Laws
It may seem as though there's a lot of information out there for small business owners in relation to COVID-19, but it's difficult to find specific guidance for agribusiness. We've put together a concise list of six key strategies that are relevant to those in the farming and agriculture industries.