Farming & Primary Production Accounting Services

Budgeting and Cash flow

Business and Tax planning for farming and primary production enterprises in the Toowoomba Region and South West involves more than just tax returns. Understanding how your farm is tracking against industry benchmarks and normal accounting standards during times of drought, flooding, feed shortages, price spiking, and low cashflow between harvests helps you operate during even the most challenging trading conditions. Budget and cashflow management are an essential tool for every farm owner and operator, and you need accountants who understand farming and rural industries.

If you’re looking to re-stock or fund production growth through the acquisition of additional land, then a well-structured budget and cashflow model will assist any agri-lending application.

Accurate, timely, and informative cash flow forecasting reports enable you to understand when cash is available, plan for expansion, control herd numbers and sales, analyse key expenses, and undertake effective tax planning.

The skilled team at Moore Lewis & Partners Toowoomba farming and primary production accountants will develop financial projections, scope out future scenarios, and provide you with strategies and solutions to negotiate the challenges of everyday farming business.

Moore Lewis & Partners – Quality Client Partnerships, Real Outcomes for farmers, and Excellence in Accounting Services for primary producers across the Toowoomba Region and South West Queensland, since 1986.

Sales and purchases

Buying farming land for grazing, crop production and other rural sector activities requires consideration of diverse finance, taxation and accounting issues as well as careful planning around ownership structures, cash flow management, and succession planning. Moore Lewis & Partners believes that buying farming land requires the buyer to keep one eye on future potential sale implications from a taxation, succession, retirement or wealth creation perspective.

Selling farming and primary production land may be the precursor to retirement or the start of another business enterprise. Prior to listing a property for sale careful planning must ensue to help direct the next step in the farm owner’s business life.

The skilled team at Moore Lewis & Partners Toowoomba farming and primary production accountants will provide appropriate financial and accounting advice relative to your personal circumstances and to maximise revenue outcomes.

Ownership structures and Succession planning

The idea of succession planning or accounting for deceased estates (estate planning) isn’t unique to the rural, agricultural and farming sector, however, it is a common topic amongst farming families.

Farm owners and primary producers are generally focused on the ‘here and now’, and the day to day events in their farming operations. Circumstances do change, and sometimes so quickly it can catch people off guard, leading to a lot of stress and significant financial and emotional pain.

Estate and Succession Planning are some of the areas that can have a significant impact on farming businesses and family members.

Before being caught out it’s prudent to seek professional legal advice from a lawyer experienced in estate planning and an accountant skilled in business and farm succession planning. After all, you’ll ultimately want the right assets to pass to the right people at the right time.

Good succession planning ensures the right people assume control of a farming enterprise at the right time, and under the right circumstances, to ensure minimal disruption or impact to the business, cash flow and income.

Succession Planning relating to individuals and farming businesses can be a complex area of professional accounting services. Every person or farm operation is different, as are the options available to minimise the impact on the business and the lives of the people involved. For any number of scenarios, there are just as many financial options and considerations.

Moore Lewis & Partners – Quality Client Partnerships, Effective Succession Planning Outcomes, and Excellence in Accounting Services for farmers and primary producers across the Toowoomba Region and South West Queensland, since 1986.

Preparation of Financial Statements and Taxation

It’s easy to feel overburdened at tax time. Preparing financial statements, finalising end of year transactions and getting your business tax return ready can seem overwhelming. Add to that the financial complexities of farming and primary production businesses and the ever-changing tax laws then it’s easy to make mistakes.

With Moore Lewis & Partners you can breathe easy again. Our team are skilled and experienced at preparing financial statements and tax returns for farming businesses across the Toowoomba Region, Darling Downs, and South West Queensland. Our clients are 1st, 2nd and even 3rd generation farming families as well as large scale primary production enterprises. Moore Lewis & Partners know farming and we know tax!

We offer a complete range of taxation services for farming and primary production businesses, so talk to us about:

Seasonal planning

Nobody understands the challenges of seasonal planning and irregular income from farming operations like Moore Lewis & Partners. Since 1986 we’ve been working with farming businesses (small and large) to manage the variations in farm income across the financial year, and plan for efficient cash flow management. Whether your business model operates on a single payment each year, or more frequent yet irregular payments, we understand the challenges that brings to managing debt, keeping production operating and ultimately feeding the family!

The Moore Lewis & Partners seasonal planning service helps farmers and primary production businesses to: