Dealing with competing priorities to be June 30 ready
What a beautiful rain our area has had, I’m hoping that everyone got most of what they wanted. It could be said that the rain came just when the forecasters predicted it – they did say a wet autumn followed by a wet winter. Many of my clients had to pull up from their seeding program because it became too dry before this latest rain, but this created an opportunity in another way. Those who hadn’t already had discussions with their financial planner and accountant around end of financial year planning were able to take the opportunity to put those last few measures in place to be June 30 ready.
For those of you that have not done your planning or haven’t executed your plan, you have another perfect storm. Seeding needs to be finished before the optimum sowing time passes, but you need to be aware of any paperwork that still needs to be processed. The good news is it’s not too late yet, but this week will just about cut out your June 30 window. After the long weekend, there are only 13 business days to the end of the financial year. Your target finish date for June 30 is the 9th of June.
After that, it will be touch and go whether any superannuation contribution deductions and farm management deposits will be able to be processed by the deadline.
You must act now or face the prospect of having those deductions flow through into the next financial year…undoing all that end of financial year planning that you did.
To help manage what needs doing and when it needs to be done, we have developed Dibbo’s Sustainable Business Framework. See my articles Three tips for building a resilient agricultural business – Financial Services SA and Get ready to get ahead at tax time – Financial Services SA for more on this, or contact the office for a copy of the framework.
I am not sure if I love or hate this time of year. Each year is different, and each year has its own set of challenges. The articles above are from our archives and some of the rules & legislations discussed have changed (multiple times) since they were first published. Ensure you seek advice from your financial planner, accountant, mortgage broker and lenders for personal advice before acting on any of the strategies referred to in those articles.
Please remember, this article is general in nature and does not consider your own personal and business circumstances. You should seek advice on how these strategies may apply to you. It’s too late for this year if you are only just starting to consider your position but at least you will have the tips and triggers to be ready for next June 30.
Good luck with seeding and for the pastoralists, enjoy planning the recovery after multiple great rains through the north. Let’s hope the forecast winter rain falls when and where it’s needed.