Accounting Solutions for Family Farmers

You can approach tax in one of two ways:

1. You can reactively treat it as something that needs to be done after the end of each year; or
2. You can proactively manage the situation for future success.

We are in it to help you find tax success in the now and future.

For instance, upfront when you’re starting or buying a business we’ll work through your goals and situation to structure the business for tax minimisation.

Then we’ll work with you as things naturally pop up from time to time, where you need help knowing what your tax obligations are and how best to manage them.

Both to mitigate the hassle of compliance and to reduce tax as much as possible.

As each financial year draws to a close, we’ll work with you so you understand the upcoming tax bills and, where possible, what actions you can take to reduce them further.

Then, finally, after the tax year we’ll get all your tax returns in order and lodged.

So, you’ll find that working with us, you have a trusted confidant who’ll advise you on best practice accounting. Whenever a complex situation arises, you’ll be expertly guided to the optimal result…. and very importantly, it is a highly held value of ours to keep things understandable with clear solutions so you can make the best decisions.

As you’ll see from our many 5-star Google Reviews, you’ll be in great hands. In fact, you’ll be helped by one of the Top 2% ranked Australian Accounting Firms.

We are looking forward to speaking with you soon.

Farming is more than just a way of life; it’s a business with incredible financial movements.

Expenditure is substantial and often upfront, long before sale proceeds come in. Sale proceeds can reach millions, yet there’s always a high degree of uncertainty due to various factors.

As much as family farms are a family asset, they are a business, and prudent family farmers treat them as such. They aim to get better each year, constantly improving their operations and financial standing.

Family farmers work closely with stakeholders in their industry to stay informed about trends and best practices. They explore the latest equipment and technologies but don’t rush to buy. Instead, they carefully consider the benefits and costs, making informed decisions that impact their farm’s financial health.

The financial impact of farm improvements is crucial. Each decision affects the:

• top line – sales;
• the bottom line – profit;
• cash flow; and
• the long-term viability of the farm.

Understanding these impacts is vital for sustained success.

At Munro’s, we serve as trusted advisors to family farmers, helping them make the best decisions. Part of our role involves introducing financial improvement methods tailored to their unique needs.

We invite family farmers across Australia to seek our help with continuous financial improvement. Book a free Get To Know Each Other meeting to explore how we can assist you in achieving your goals.

If you’ve ever wondered why some millionaires have gone bankrupt but still live a lavish life, it can have a lot to do with how they protected their wealth long before a crisis arose.

You obviously hope that you’ll never have a crisis to deal with. But you can never predict the future with certainty.

For instance, it’s not uncommon for some form of family dispute – such as a divorce – to jeopardize the family business…. and these days you don’t even have to be married. Sometimes these situations can seriously harm wealth that has been hard earned over generations.

When in business, there are known and simpler risks to protect against, such as business name risk. There are also the potentially devastating ones like mishandling ownership of intellectual property. Then there are the unknown risks.

You have the opportunity to use strategies to protect your business and family’s wealth. The key is to proactively make this investment in protection early – since waiting until a crisis is on the horizon is often far too late.

Please, if you’re in business or about to go into business, seek out professional help to limit your exposures.

This is something we take great pride and care in, and would be delighted to help you with.

We understand that navigating the world of taxes and accounting can be a daunting task for business owners, financial controllers and internal bookkeepers across Australia.

Our mission is to simplify the monthly, quarterly and annual compliance process, providing the support you need – as much or as little as required – to not only meet but minimise your compliance burdens and liabilities.

We offer comprehensive accounting and bookkeeping assistance covering a wide array of services including payroll, management reporting, budgeting, projections, and both monthly and quarterly activity statements.

We believe in proactive compliance management, which is why we highly recommend engaging in annual tax planning before the end of each year. This not only aids in mitigating taxes but also provides clarity on your upcoming tax obligations and therefore cash flow management.

Once the tax year concludes, our team is dedicated to preparing your financial statements and tax returns efficiently and accurately. And if a Fringe Benefits Tax Return is on your list of obligations, rest assured, we’ve got that covered too.

Life in business is unpredictable, and whenever you encounter surprises or need guidance, we’re just a phone call, an email or a meeting away—online or in person.

Our specialisation spans across almost all areas of accounting and tax, ensuring that we’re well-equipped to assist you no matter the challenge.

So, as a business owner, executive, financial controller or internal bookkeeper, please feel welcome to reach out for exceptional assistance.

Off-farm wealth is essential for the financial health of farming families. It encompasses assets beyond the family farm, such as investments in term deposits, real estate, shares, precious metals and superannuation.

Family farms are managed by families, making it crucial to adopt an holistic approach that considers the implications for each generation, including non-farming members.

Building off-farm wealth involves wealth protection strategies and prudent financial decisions. While we at Munro’s do not act as investment advisors, we assist clients in finding and collaborating with reputable financial advisors.

Tax minimisation strategies, such as Farm Management Deposits (FMDs) and concessional superannuation contributions, can play a significant role in managing off-farm wealth.

Self-Managed Superannuation Funds (SMSF) may also be utilised to achieve these goals.

Off-farm wealth is often vital for succession and estate planning, particularly for non-farming heirs.

As accountants to family farmers, our role is to guide families in making the best decisions. This involves working with each family member and their financial advisors to achieve the right mix of off-farm wealth.

If you’d like our help with this, then please feel welcome to book a free Get To Know Each Other meeting and we can begin exploring how we can help you.

One of the greatest challenges faced by farming families is ensuring their farm survives through multiple generations. At Munro’s, we’ve been helping family farms navigate these waters since the 1970s.

Take the O’Halloran family, for example. In their 5-star review, they noted:

“Munro’s have supported three generations of the O’Halloran family.”

The Hodgson family shared a similar experience, stating:

“This excellent firm has efficiently handled our family’s affairs for 45 years, and into its third generation.”

In our Family Farm Survival Guide, available for download on our website, we delve into four crucial questions around farm succession planning:

1. When do we really need to be thinking about long-term, inter-generational survival?
2. Who does this affect?
3. What are we going to do about it and what does “fair” really look like?
4. How on earth are we going to do this?

The short answers to these questions are:

1. Succession planning should always be in place, with more concerted efforts a few years before the transition is due to take place.
2. The whole family will be affected, including the farm, spouses, and non-farming children.
3. There’s unlikely to be a uniform view of what “fair” means, but that doesn’t mean a successful succession plan won’t be just.
4. To achieve successful succession, you must get started, and following a process utilised by others successfully in the past is a prudent thing to do.

Our role as trusted advisor to family farmers is to help them achieve their goals, as best as possible for the entire family, and in the long-term interests of the farm.

Please feel welcome to book a free Get To Know Each Other meeting to begin exploring how we can help you with family farm succession.