St Kilda Accounting & Tax Specialists
TAX ACCOUNTANTS FOR PRIMARY PRODUCERS IN ST KILDA
We provide peace of mind for you and your business by delivering Taxation, Accounting and Bookkeeping services to Primary Producers in St Kilda.
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.
Very few businesses are as susceptible to economic fluctuations and the environment like farmers. At St Kilda Tax Accountants Tax Accounting Services we offer you a complete range of accounting, tax and financial services tailored to your needs.
We understand how tough it is to run a farm. Just like other business owners you have to contend with issues like finance and GST compliance but in most cases you also have to deal with long hours, seasonal demand, the climate and safety issues with machinery and equipment. If you work with livestock like cattle, sheep, chickens or even seafood you face some unique challenges. Farmers who produce wheat, grain, fruit and vegetables also have to deal with a host of issues including politics, prices, pollution and interest rates. Australia’s decade of drought and subsequent floods just highlight the variables and obstacles farmers face.
At St Kilda Tax Accountants we have the expertise and knowledge to know that primary producers have a myriad of complex, detailed legal and financial needs.
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.
At St Kilda Tax Accountants, we understand accounting for primary producers and the needs of farmers and the complexities of primary production - we have been working alongside clients involved in grazing and cropping for many years.
Farm accounting is a specialist area and our experience enables us to provide you with information on concessions and assistance available through the taxation system and other government departments.
Accounting
When we became a Xero Partner firm a few years ago, we saw the potential value for our clients that we could not expect before. Most of all, the real time advice is now possible as Xero is more like collaboration platform between clients and their advisers including us.
Real-time advice means clients can get a professional advice based on the financial information Xero supplies whenever they need. Real-time advice also means the accountant can discover broader service areas that could be useful for the clients and give a right advice on time.
Bookkeeping
We have a team of Australian Accountants with over 20 years of experience dedicated to making your life easier. Our team remain in constant communication with you throughout this process.
Our goal is to show their clients that keeping on top of their financial affairs is far more accessible and enjoyable than they imagined possible. Our friendly team help our clients thoroughly understand their unique tax situation. We work flexibly with our clients to create the optimal system and approach for each circumstance.
Taxation
We are bookkeeping professionals who have been assisting customers achieve flawless accounts for many years. As specialist St Kilda bookkeepers; we are dedicated to helping small and large business resolve their accounts issues through our years of experience. Our local St Kilda bookkeepers are experts in XERO, MYOB, Reckon and QuickBooks as well as all other popular bookkeeping software.
We pride ourselves on being the bookkeeping solution providers and have become well respected and highly trusted bookkeepers in St Kilda and the surrounding suburbs. With a strong emphasis on establishing long-lasting relationships with our clients whilst also providing tailored and cost-effective solutions.
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.
Given most farming pursuits are multi-generational we work with our clients with an eye on the future. Business structures are crucial while planning and cash flow forecasts are essential. Apart from assisting our farming clients with the usual compliance and bookkeeping work we also provide financial modelling services to assess ‘what if’ scenarios. We can help you produce cash flows, finance submissions and also help you with financing land and machinery purchases.
St Kilda Tax Accountants Tax Accountants can offer many accountant services to our primary production clients, including:
- Farm Business Planning
- Cash Flow And Profit Budgeting
- Succession/Estate Planning
- Finance Applications - We can work with you to assess your finance requirements to provide you with maximum protection and flexibility
- Finance for Vehicles and Farm Equipment - Hire Purchase, Lease, Bill of Sale or Chattel Mortgage
- Start-Up Advice
- Advice regarding the Purchase or Sale of your Farm including Capital Gains Tax Issues
- Tax Registrations including ABN, TFN, GST, WorkCover etc.
- Preparation of Business Plans, Cash Flow Forecasts and Profit Projections
- Accounting Software Selection and Training – Bookkeeping, Invoicing & Payroll
- Preparation and Analysis of Financial Statements
- Preparation of Finance Applications
- Bookkeeping and Payroll Services
- Tax Planning Strategies
- Wealth Creation Strategies and Financial Planning Services
- Industry Benchmarking and KPI Management
- Advice regarding Claiming Motor Vehicle Expenses
- Recession Survival Strategies
- Advice regarding Employee Relations and Workplace Laws
- Business & Risk Insurances (Income Protection, Life Insurance etc.)
- Business Succession Planning
Economic times are tough and it is more important now than ever before to maximize your tax refund. St Kilda Tax Accountants will help you prepare the perfect return so that we can all work together in this unpredictable economy!
We are a full-service company that caters to the needs of small business owners. With us, you can rest assured knowing we have your back when it comes time for taxes and accountancy services! We offer all types or industries professional advice such as bookkeeping or financial management so contact one our experts today at St Kilda Accountants
Professional Services
The team at St Kilda Tax Accountants has a deep understanding of professional services industries, and the specific needs that come with them. They provide accounting advisory to their large clientele in order for them be able best serve these businesses.
The retail industry is a challenging place to be in today's climate. We help retailers understand their problems so that we can provide them with assistance from our team who specializes specifically at helping your business succeed no matter what obstacles come up next.
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.
As accountants we can project your best and worst case profit scenarios based on the price of your produce and by adjusting the key variables including price and various inputs like feed and seed, we can evaluate the impact on profit and cash flow. We can also assist you with farm viability assessments, farm risk management and strategic business plans.
Business Advisory
Starting, building and maintaining a successful business in today’s uncertain and rapidly changing environment requires knowledge, perseverance and the right team behind you.
Our highly skilled and results-led team can assist you to access funding, make informed strategic decisions, develop comprehensive and rolling plans at each stage of your business’ lifecycle, and identify business opportunities.
By working with you to understand your business and industry, we provide specialist knowledge and objective advice to help your business meet its full potential.
Thinking about exploring an SMSF but not sure where to start? Don't worry, our team is here for you. SMSF Solutions is a specialist division of St Kilda Accountants providing administration, compliance, accounting and taxation services for Self-Managed Superannuation Funds (SMSF).
We know exactly how it all works and we can help you create the best set up. Our services include things such as assisting in understanding the implications of having a SMS and establishing a SMSF & obtaining tax benefits among others.
Financial Advisory
Our business model is to keep our practice small and manageable, with a focus on quality clients who have life aspirations that they wish to fulfil through money, advice and planning.
Our personalised financial advice and individual wealth management, ensures that you don’t get lost amongst a bigger practice, or institution, where you can become just a number, changing financial advisors regularly with no personalised care.
Our financial advisers have worked in the practice for many years and are committed to providing advice that is just not numbers, but personalised for you to achieve your life aspirations.
There are lots of tax rules you should know about if you’re a farmer, some of them specific to primary producers.
St Kilda 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%.
- Instant write off for cost of capital assets costing less than $30,000 for businesses with turnover of less than $50m from 2 April 2019 until 30 June 2020 (lower thresholds apply for assets acquired before 2 April 2019 and the instant write-off is only available for businesses with a turnover of less than $10m up to that date).
- Instant write-off on fencing and water facilities, such as dams, tanks, bores, irrigation channels, pumps, water towers and windmills.
- Immediate deduction for capital expenditure on fodder storage assets such as silos and tanks used to store grain and other animal feed.
- Change business structure without capital gains tax, e.g. partnership to company.
- Income averaging. Primary producers can even out income across years so their tax liability is more aligned with taxpayers on a stable income.
- Immediate deductions for landcare operations, such as drainage work to prevent salinity, erosion control activities or erecting fences.
- Ten-year write-off for electricity connections and telephone lines.
- Deferral of profit on the forced disposal or death of livestock, for example sale due to drought, fire or flood.
- Accelerated deduction for horticultural plants, including immediate deductibility for plants with an effective life of less than three years (including some grapevines).
- Spread tax on assessable insurance recoveries in equal installments over five years.
- If you are hit by fire, flood or drought, and need to undertake an early sheep shearing and therefore sell two wool clips in one income year, you can elect to defer the profit on sale of the second clip to the following year.
Starting a business is not easy, and it's even more challenging when you're doing so on your own. That’s why St Kilda Tax Accountants offers complete tax solutions for individuals or businesses in need of guidance with their financial planning needs as well!
Our team is dedicated to servicing the needs of all types, including medical professionals. We offer friendly and industry-leading advice relating tax law compliance so you can get back on your feet with a smile!
We have a team of experts with extensive experience in servicing the manufacturing industry. We provide accounting, information technology and audit services as well regular periodic management reporting to supplement our detailed financial analysis that lies at heart astute commercial decision making processes for your company's success!
St Kilda Tax Accountants is a team of professionals who are passionate about helping small businesses succeed. Whether you own and operate one bar or an entire restaurant chain, our accountants will provide the support your business needs to be successful!
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 St Kilda Tax Accountants today!
Financial services for medium-sized trade businesses? That's our thing. We specialize in ensuring your financial growth and freeing up time so that you can enjoy life, too!
We understand how important it is to have a reliable accountant for your business. That's why our team of experts has been providing professional services in the fields of finance, taxation and accounting since 1985! We offer tailored solutions designed just for you - no matter what type or size farm operation that might be on yours . Contact us today so we can get started working together soon
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.
St Kilda Tax Accountants is the go-to team for estate planning and property tax services. Our specialist accountants can help you with everything from ownership issues to controlling your assets, so call us today!