RSM Australia

Agribusiness

AgribusinessThe Australian agribusiness sector is a significant driver of the Australian economy. With a strong track record in generating international investment throughout the agricultural supply chain, Australia’s diverse climate, geographic isolation and leading quarantine and monitoring regime has earned it a place as a leader in agriculture. 

We have been helping agricultural businesses in Australia achieve their financial, operational and strategic objectives for over 95 years. Regardless of size or location, our team understands the ever-changing agribusiness landscape and have the specialist knowledge that is required to address the challenges faced by farming businesses. From family owned to large publicly traded farming businesses, we understand the social and economic issues faced by the agricultural sector and the long association with the sector is one that we are particularly proud of.

Our unparalleled regional presence has also helped us stay close to primary producers and post-farm gate businesses across the country. Technology has changed agriculture and accounting dramatically but one constant over the years is the willingness of RSM accountants to travel to the family farm or business to sit down and discuss the financial affairs with you. We believe that this way, we achieve a greater awareness of your farming business and provide a better service as a result.

With a passion for the industry and its values, our team of advisors to growing small-and-medium sized enterprises (SMEs) in agribusiness have strong technical knowledge of the complexities associated with running a farming enterprise.  While recognising the importance of compliance in areas such as tax and employer superannuation obligations, our team also help SME owners focus on the long-term by taking the next step to wealth creation through sound business planning.

From external and internal audits to implementing risk management strategies to tax compliance to valuations and restructures, our corporate services arm will deliver industry-focused solutions drawing on global and local perspectives.

Understanding your specific needs

Whether your business is a “hobby farm” or one of Australia’s largest food suppliers, RSM understands the vast nature of agribusiness. RSM has experience with businesses that operate in:

  • Agriculture and food production
  • Pastoralists and livestock graziers
  • Horticulture
  • Wineries
  • Commercial fishing and aquaculture
  • Transportation and machinery

Memory loss and its impact on the family farm

As life expectancy has increased, so has the number of people suffering from memory loss from conditions such as dementia and Alzheimers. So, have you ever wondered what would happen to your farm if you came down with a mental illness resulting in memory loss and judgement? What if your spouse loses his/her mental capacity?

Avoiding a Will dispute

One of the most difficult issues facing parents is how to treat their non-farming children fairly, whilst at the same time leaving the valuable farm to the farming child or children. 

Is your Will about to explode?

Far too many Wills exist which, when "detonated", will create huge problems for farming families. This article aims to reduce these potential disasters. 

Estate planning is not a dead issue

One way to really focus on farm succession is to ask: What would happen if both Dad and Mum died tomorrow?

The Power of Farmland in Superannuation

Acquiring, farmland inside a Self Managed Superannuation Fund (SMSF) that can then be leased to a related party is popular strategies for farmers to help build their wealth for retirement. Make this a stress free transaction by considering the following issues: Arms-length transaction requirements

One size does not fit all

In my previous article, I discussed transferring the family farm to a child without paying stamp duty. The next important step is to seek professional advice as to the capital gains tax implications if the farm was transferred.

There are opportunities no matter what this harvest may deliver

Bad years on the farm are hard to take, but there are often enormous opportunities for positive outcomes in the area of tax planning and succession planning that can be of huge benefit to the farm’s future.

Victorian farm stamp duty savings

A significant part of any farm succession plan is planning for retirement. Given ever-increasing farm, living and education cost, most farming enterprises will only support one child and their family of the succeeding generation.

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