Farm Accountants WA

02/09/2025

Come and say hi at Stand 68 in the Family Interest Display Pavillion at Newdegate Machinery Field Days– we’ll be there this year and can’t wait to catch up with everyone.

Looking for an accounting partner who truly understands farming?

At Farm Accountants WA, we specialise in supporting Western Australian farmers through the good seasons and the tough ones.

With over 30 years of experience, we’ve built trusted relationships with farming families across WA.

Our services include:
Farm accounting & tax
Estate & succession planning
Tax Planning that fits your season
Call us on 08 6556 6040
Or visit farmaccountantswa.com.au

We look forward to seeing you at Newdegate Machinery Field Days!

26/08/2025

Come and say hi at Stand 551 in the Lionel John Metcalf Pavilion at Dowerin Field Day – we’ll be there again this year and can’t wait to catch up with everyone.

https://dmfd.com.au/

Looking for an accounting partner who truly understands farming?
At Farm Accountants WA, we specialise in supporting Western Australian farmers through the good seasons and the tough ones. With over 30 years of experience, we’ve built trusted relationships with farming families across WA.

Our services include:
Farm accounting & tax
Estate & succession planning
Tax Planning that fits your season

Call us on 08 6556 6040
Or visit farmaccountantswa.com.au

We look forward to seeing you at Dowerin!

19/08/2025

It’s tax time again!

Do you need help preparing this years tax returns and accounts?

We search for ways to legally minimise your tax, lodge on time, manage payments and help you maintain a good relationship with the ATO.

When it comes to farm tax, we are big enough to do the clever stuff and the right size to still care.

Taxation isn’t going away – but we won’t let it overwhelm you!

If you are not happy with your current accountant, contact Keith or Graham on 08 6556 6040 or [email protected]

27/02/2025

Are you paying Too MUCH TAX?

Now is the time to get your tax planning done before 30 June!

29/08/2024

We are back at Dowerin Field Day!

Come and say hello and see how we can help you!

09/08/2024

We work with farm owners to make farm accounting simpler. This gives you better information which improves decision making and reduced costs. We also legally minimise tax and keep you sweet with the ATO.

Sometimes all you need is a little extra support. That's what we're here for! Farm bookkeeping, cash flow management, budgets and production analysis, equipment purchases and produce marketing advice.

Should you buy equipment, pay off debt or put in FMD's? Or buy more land?

* WA Farm Specialists
* Phone calls are free
*Tax planning included
* Large firm skills, small firm touch
* Annual farm visit

Contact us today!

Send a message to learn more

20/06/2024

We have developed an understanding of the needs of and challenges of farming in WA over the last 30 years. Our clients are spread from Geraldton to Ravensthorpe and include farm business in cropping, sheep, wool, cattle and wineries.

Our approach is simple:

Now here’s a major point of difference:

We do accounting on your farm cycle, NOT the financial year.

This means your accounts can be compared to your budget more easily, you will understand what your actual seasons profit is and compare this year by year. It’s proven to be very popular and helpful.

If this approach sounds good – please give our trusted advisors a call now – don’t wait until another season goes by.

Send a message to learn more

13/06/2024

Six super strategies to consider before 30 June - Part 3

Tip 5 – Maximise non-concessional contributions

Another way to boost your superannuation is to make a NCC with some of your after-tax income or savings. The general NCC cap for 2023/24 is $110,000 and eligibility to utilise the cap depends on your TSB1.

Although NCCs don’t reduce your taxable income for the year, you can still benefit from the low tax rate of up to 15% that is paid on superannuation on investment earnings. This tax rate may be lower than what you might pay if you held the money in other investments outside superannuation.

Tip 6 – Receive the government co-contribution

If you’re a low or middle-income earner earning less than $58,445 in 2023/24 and at least 10% is from your job or a business, you may want to consider making a NCC to superannuation before 1 July 2024. If you do, the Government may make a ‘co-contribution’ of up to $500 into your superannuation account.

The maximum co-contribution is available if you contribute $1,000 and earn $43,445 pa or less. You may receive a lower amount if you contribute less than $1,000 and/or earn between $43,445 and $58,445 pa.

Like the superannuation spouse tax offset, the definition of total income for the purposes of the co-contribution includes assessable income, reportable fringe benefits and reportable employer superannuation contributions.

Need help?

You’ll need to meet certain eligibility conditions before benefitting from any of these strategies. Contact us before 30 June if you’re thinking about investing more in superannuation so we can help you decide which strategies are most appropriate to your circumstances.

Send a message to learn more

30/05/2024

Six super strategies to consider before 30 June - Part 2

Tip 3 – Spouse contribution splitting

You can split up to 85% of your 2022/23 CCs before 30 June 2024 to your spouse’s superannuation if your spouse is:

* Under preservation age, or
* Aged between their preservation age and 65 years, and not retired at the time of the split request.

This is an effective way of building superannuation for your spouse and can manage your TSB which can have several advantages, such as:

* Equalising your balances to maximise the amount you both have invested in tax-free retirement phase income streams, or
* Optimising both of your TSBs to access a higher NCC cap, etc.
Tip 4 – Superannuation spouse tax offset

If your spouse is not working or earns a low income, you may want to consider making a NCC into their superannuation account. This strategy could benefit you both by boosting your spouse’s superannuation account and allowing you to qualify for a tax offset of up to $540.

You may be able to get the full offset if you contribute $3,000 and your spouse earns $37,000 or less pa (including their assessable income, reportable fringe benefits and reportable employer superannuation contributions).

A lower tax offset may be available if you contribute less than $3,000, or your spouse earns between $37,000 and $40,000 pa.

Send a message to learn more

24/05/2024

Six super strategies to consider before 30 June - Part 1

With the end of financial year fast approaching, now is a great time to boost your superannuation savings and potentially save on tax. Below are six superannuation strategies to consider before 30 June 2024.

Tip 1 – Use the carry forward concessional contribution rules

If you want to make up for lost time and make extra contributions to top up your superannuation, you may be able to use the carry forward concessional contribution (CC) rules (otherwise known as “catch-up concessional” rules) to make large CCs this year without exceeding your CC cap.

This strategy can allow you to carry forward any unused CC cap amounts that have accrued since 2018/19 for up to five financial years and use them to make CCs in excess of the general annual CC cap (currently $27,500 in 2023/24).

You can then make a CC using the unused carry forward amounts this financial year provided your total superannuation balance (TSB) on 30 June 2023 was below $500,000.

Tip 2 – Make a personal deductible contribution

Carry-forward contributions may also provide you with an opportunity to make higher amounts of personal deductible contributions in financial years where you may have a higher level of taxable income, for example, due to assessable capital gains.

But if you’re not eligible to use the carry forward rules to make a larger contribution, you can still boost your superannuation by making a personal deductible contribution up to the general CC cap.

It’s important to note that personal deductible contributions are only deductible if you meet all of the following conditions:

* You make the contribution to a complying superannuation fund
* You are at least age 18 when the contribution is made (unless you derived income from carrying on a business or from employment-related activities)
* You make the contribution within 28 days after the month in which you turn 75
* You notify your superannuation fund trustee in writing of your intention to claim the deduction
*The notice must be given by the earlier of:
- when you lodge your income tax return for the year the contributions were made, or
- the end of the financial year following the year the contributions were made
* The trustee of your superannuation fund must acknowledge receipt of the notice, and you cannot deduct more than the amount stated in the notice.

Send a message to learn more

30/04/2024

ARE YOUR AFFAIRS IN ORDER? (PART 3)

Death

Proper estate planning is an essential part of modern business management. Making an appropriate and valid Will is the first step in estate planning. It is also important to consider your assets and how they are held.

As a starting point the questions you should consider are:

1. Is your land jointly held or as tenants in common? Is it owned by a family trust, a company or superannuation fund?

2. How are the assets of farming operations, such as machinery, plantain livestock held? Is there a family trust or company involved?

3. Are there enough non farming assets to be gifted to non-farming children? If not, is life insurance an option to provide for these children?

4. Is there an ability to adequately pay the debts that are outstanding if there is a death or, if those debts are to pass with certain assets, will those assets be viable?

5. Are there any tax implications that might occur? Generally, death doesn't trigger any tax to be paid, but it can impact significantly on the beneficiaries of the Will.

A well thought out Will is the best contribution you can make to creating a sensible and fair outcome. It may not be a perfect result, however no Will, or an out of date Will, can be a nightmare for surviving family members and business partners. Wills are documents that need to be revisited regularly and this is particularly so when life circumstances change.

Talk to us for guidance when developing or renewing your business and estate plan to ensure they reflect your goals bad wishes, both now and in the future.

Call now to connect with business.

11/04/2024

ARE YOUR AFFAIRS IN ORDER? (PART 2)

Illness and Incapacity

Every adult needs to consider making an Enduring Power of Attorney which enables financial decisions to be made during a temporary illness or permanent incapacity. Most people who suffer from a sudden illness, such as a stroke, have no warning symptoms and do not have time to prepare and Enduring Power of Attorney.

The best time to make an Enduring Power of Attorney is when you are fit and healthy. Your spouse as your attorney is usually a practical choice; however, if your spouse is unavailable or not suitable, then you can choose one or more to act as attorney.

Adult children, close friends or other family members with farming knowledge may be a sensible choice. They can act together or either one can sign documents. It is important to choose an option that best suits your circumstances and increases the likelihood that your interests and the interest of the business will continue to be served.