Plan Ahead This End of Financial Year
As the end of financial year approaches, potential tax deduction opportunities abound for Australian farmers.
Such opportunities generate benefits that extend way beyond the tax deduction advantages – they can result in positive, long-term investments in infrastructure, equipment and supplies
Now is an ideal time to consider investing in infrastructure that will enhance farm efficiencies and productivity.
Upgrading water storages for secure and reliable water supply is a priority for many primary producers, particularly those wishing to increase livestock production.
Improving fencing systems is another consideration. A sound network of fences supports livestock containment and pasture management.
Protecting stock, pastures and crops from pests is a necessity and developments in fence links and wire technology have in recent times increased the effectiveness of fences in acting as a barrier against pests.
Paul Minahan, South Zone Farm Supplies Manager for Elders, says that farmers are constantly seeking productivity improvements and that this is the time of year to assess where improvements can be made by investing wisely and reaping tax deduction benefits.
“For those who have not already done so, farmers may wish to consider investing in solar power – another useful addition to the farm which has long-term benefits,” Mr Minahan sad.
“Reliable power is a must for any farm, and solar panels offer access to energy for isolated irrigation, sensor systems or electric fencing.
“Portable solar panels are also perfect for farm work undertaken away from mains power access and do not rely on petrol or diesel power,” he said.
The end of financial year is also a good time to stock up on the essentials for the coming year, with animal supplements and medication also covered in the Elders End of Financial Year Sale.
“Being in a position to treat livestock quickly after identifying a problem is vital in managing animal health, and stocking up on treatments now will ensure a rapid response is possible,” Mr Minahan said.
“For farmers who are planning the year ahead or who have been putting off making some improvements to the farm, the end of the financial year is the ideal prompt to act.”
Elders also provides financial services that can help farmers manage future risks.
As an example, Farm Management Deposits offer an opportunity to deposit before-tax income in good seasons to act as a buffer when times are more challenging. The cash reserve can be called on during low income periods.
For more information about Elders’ End of Financial Year Sale, please see the catalogue available here.