RSM Australia

Agribusiness Insights

Agribusinses Insights

Agribusiness insights

The Australian agribusiness sector is a significant driver of the Australian economy. We keep you up to date with the latest insights into the Agribusiness sector




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The Business Lifecycle in 2020?

20 November 2020
A business will go through different stages over time, in a pattern that has been repeated throughout the ages.

Budget 2020 - Game Changer

5 November 2020
Due to the COVID-19 Pandemic, the 2020-21 Budget was deferred from May to October. Over those six months, the changing economic landscape has created a recession and arguably the most severe economic crisis since the Great Depression.

Agribusiness - what's the point of change?

22 October 2020
I was sitting in a meeting with a client the other week, and the key topic was change. We had recently prepared an Improvement Plan for his business, and a common theme from our review was the automation of financial processes, through better use of their software, and implementing better review processes.

Connecting with the ATO via the Business Portal

8 October 2020
One of the greatest initiatives rolled out by the Australian Taxation Office (ATO) would be the creation of the Tax Agent Portal.

Rental properties: An ATO hotspot

24 September 2020
Rental properties are a great investment to help build off farm assets, which can be used later in life as part of a great succession plan. In the meantime, you can enjoy earning a bit of off farm income and perhaps claiming a few deductions along the way, but it’s important to know what you can claim and how much you can claim.

Succession Planning tips for farming families

11 September 2020
Succession planning for farming families can be quite daunting and there certainly are some horror stories on how it can spiral out of control. The flip side is succession planning can be a very rewarding process for all involved if tackled with goodwill and respect.

Nine top tips to maintain a healthy cash flow

27 August 2020
It does not matter what business you are in, cash flow is vital for survival. This is even more important in the current COVID-19 environment. The team at RSM has put together the following tips to assist you to maintain a healthy cash flow.

COVID-19 Lessons for Primary Producers

17 August 2020
The COVID-19 Pandemic has presented great challenges across the globe and will continue to do so for the foreseeable future as governments tread a fine line between the very real public health concerns and trying to jumpstart faltering economies.

Second opportunity - asset write-off extension

17 August 2020
The recent extension of the $150,000 instant asset write-off threshold to 31 December 2020 has given business entities with a turnover of under $500m a second opportunity to access significant tax savings when purchasing equipment.

The Power of Farmland in Superannuation

14 August 2020
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:

Three simple steps to moving online

10 August 2020
In the modern farming world, we are seeing situations where our clients are spending more time out of the office and more time on the farm, or off-farm doing other life activities.

JobKeeper 2.0 Updates

3 August 2020
A quick recap as JobKeeper 2.0 has been announced. Time is starting to run out for instant deductions on plant purchases.

National Farm Safety Week 2020

20 July 2020
20 – 24 July 2020 is National Farm Safety Week.

June 30 - The date the gate shuts!

22 June 2020
In business and tax world, June 30 is a critical day of the year. In the lead up to this date, there is much planning, strategising, executing, restructuring, implementing and spending. All of this activity is for a good reason, as after June 30 many opportunities are closed for another year.

Top five farming cloud applications every farm must consider

11 June 2020
The introduction of Single Touch Payroll from 1 July 2019 for most small businesses including farms was the catalyst for them to review their current cashbook software package and in some cases, take the first step in to the world of cloud accounting.

Seven ways to be more Customer Centric

4 June 2020
In the turbulent and uncertain times that we can experience in business, be that drought, commodity prices or even a Pandemic(!), having a good understanding of your customers and client base will put you at the forefront of your competitors. Here are seven ways to be more customer centric: 

Effective employee recruitment and retention

21 May 2020
With the recent introduction of the Single Touch Payroll reporting requirement of all SME’s in Australia, it has forced the hand of many farming businesses to improve their HR compliance standards within their business.

Nine steps for challenging trading conditions

7 May 2020
1. Review and re-review budgets. Assumptions should be checked, and the budget revised accordingly.  The budget tells a story of what the future will bring, and this should be based in fact rather than fiction.

Government Stimulus Measures – the specifics for farmers

24 April 2020
With increasing cases of information overload being reported, it is not always easy to understand the stimulus measures and detail that are applicable to one’s own business situation. Below we review and specify some of the government assistance and incentives available for farmers in these confusing and uncertain times.

Cash Flow Boosts for Businesses

23 April 2020
If you are a small or medium business that employs staff, it has never been so important to lodge your March Quarter or March Monthly Business Activity Statement on time.

Business has changed again - is it time to update your business systems?

14 April 2020
Many businesses were planning to put 2019 behind them and were looking forward to 2020 with some optimism.  However, with the impact COVID-19 being felt by all, the first quarter of 2020 has not gone to plan.

For farming operations, failing to plan is planning to fail

1 April 2020
In these challenging economic times, trying to maintain a “business as usual” approach to the farming operation can apply a lot of additional unnecessary stress and pressure. At this time of year, many are still looking to finalise operational plans for the farm for the coming 12 months.

Economic impact of COVID-19 on agribusiness

16 March 2020
The coronavirus (COVID-19) represents significant short-term risks to international demand for Australian meat and fisheries products and is expected to cause medium level disruption over the longer term.

Agribusiness grants, rebates and incentives for 2020 in Victoria

18 December 2019
Rural Financial Counselling Service Victoria – North East Programs The vast majority of Eastern Australia’s agricultural regions are now in the grips of drought, and as we move through 2020 it looks like we can expect much of the same with further dry conditions predicted.

Further Drought Support Announced by the Federal Government

20 November 2019
The Federal Government has announced avenues of support for Drought-affected farmers and businesses.

Grain Marketing - A Tax Guide for Common Grain Contracts

18 November 2019
Harvest in the West Australian wheatbelt is well and truly here, we think you (the hard-working farmers) all deserve a cold beer.

Concessions for primary producers impacted by drought

25 October 2019
Australian farmers have been struggling with drought conditions resulting in crop failures and lack of feed and water for livestock.

Farmers and Communities to Receive Further Drought Relief Funding

4 October 2019
Drought-affected communities and farmers will get an immediate cash injection, with the Federal Government promising a new $100 million drought relief package.

Farm Management Deposits – Are they still an effective tax planning tool?

19 August 2019
The farm management deposits (FMD) scheme is designed to allow primary producers to manage their tax, enabling them to shift income from good to bad years. However, the FMD scheme has a number of limitations which mean that the scheme may not be a suitable tax planning strategy for all taxpayers.

How Is Your Budget Going?

19 August 2019
“Why bother to budget, it never goes to plan…”

Keep your succession plan on the right road!

10 August 2019
At the mention of the words “Succession Planning”, many different emotions may arise. For some, it can be a confusing and difficult time. For others, a more enjoyable experience, an opportunity to help the next generation grow and develop.

Long term succession and estate planning

5 August 2019
Bill Beard covers the Do's and Don'ts of long term succession & estate planning. Below are some insights at a glance: Treating your children fairly does not necessarily mean equally Honest communication is crucial

Three tips to being a growth-ready farm

29 July 2019
With the steady consolidation of farms across Australia and the increasing pressure on efficiency, being growth-ready means formulating a strategy to suit your growth plans. Here are three tips to ensure you have a growth-ready farm.

Single Touch Payroll - Ins & Outs for Employers

26 July 2019
The Single Touch Payroll (STP) compliance date is here. Whilst if you have over 20 employees you should already be reporting through STP, employers with less than 20 workers will need to start on 1 July 2019.

Big change for small business - Get ready for STP

16 April 2019
There are further compliance changes in the wind for businesses.  The Government is in the process of implementing a new reporting system which is focussed on streamlining payroll procedures.  This will impact on employer and employee alike.

Ways to use 'the cloud' in your business

16 April 2019
Clouds are generally a good thing for farming.  Whether that be the first hopeful signs of rain after long periods of drought or the relief at getting rain at just the right time, clouds are generally welcomed by the farming community. 

On-farm emergency water infrastructure rebate scheme for NSW

15 January 2019
In October 2018, Prime Minister Scott Morrison announced $50m to fund an on-farm emergency water infrastructure rebate scheme to provide financial help to primary producers in drought-affected regions.

Farm Management Deposit offset

13 November 2018
Coverage of the drought that has impacted much of the farming community in central and eastern Australia throughout 2018 and earlier years has been unprecedented.  National and international media have shared stories of farmers doing it tough, fighting to keep their livestock going when feed and water are scarce and for nearly all, massive fin

How to Maintain the Family Farm

22 August 2018
In most cases the older generation will make the decisions on how their assets will be divided and who will take over the management responsibility of the farm.

Memory loss and its impact on the family farm

4 July 2018
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?

One size does not fit all

29 November 2017
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

16 November 2017
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

30 October 2017
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.

Get the right advice or pay the price | Family farms

6 September 2017
Family farms are part of the fabric of rural Australia. Unfortunately the landscape is dotted by a large number of farms that disappeared from families who either had no succession plan or the estate plan was seriously inadequate.

Political bid to restore confidence in Murray Darling Basin Authority

1 August 2017
Farmers need greater clarity around what constitutes ‘appropriate compliance’ with Murray Darling Basin Authority water use regulations, before the findings of a badly needed review initiated by the Turnbull government are made public later this year, warns RSM Australia.

Farm Succession Planning and the four A’s

25 July 2017
Farm succession planning has been described as developing a strategy to work out whether someone will take over the farm or whether it will be sold when the owner retires or dies.

Farm Management Deposits - do you have a plan for the end?

24 July 2017
Farm Management Deposits (FMDs) are an integral part of year end planning for Primary Producers.

Disaster relief for flood affected communities in Western Australia

14 February 2017
In light of the recent flooding across our WA’s South West, The WA Government is offering immediate financial assistance to those affected.  Learn more...

Multi-peril crop insurance - protect your season's success from unexpected damage

3 February 2017
Not everyone has the capacity to overcome a bad year, farmers with equity below 75 percent are urged to seriously consider taking up multi-peril crop insurance while you still can. If you want cover, act now.