With June fast approaching, EOFY is once again on the radar for farming businesses across South Australia. And while most producers know it’s time to check in with the accountant, this year there’s a bit more riding on it than usual.
This EOFY isn’t just about balancing the books, it’s about positioning your business for the long haul.
We’re encouraging clients to think beyond the usual last-minute scramble of invoices and machinery receipts. This year is about being proactive, not reactive.
Because May 31 is the new June 30.
If you haven’t started planning by the end of May, there’s a fair chance you’ll miss opportunities that could make a real difference to your business this financial year.
EOFY looks different this year, especially within the agricultural industry as the industry is being faced with fuel shortages, fertiliser shortages and the kind of uncontrollable issues such as the weather and insect outbreaks, it has been and may continue to be quite challenging.
The details are still unfolding, but one thing is clear… waiting until late June could leave you with fewer options.
If you’ve been considering:
* machinery upgrades
* fencing projects
* water infrastructure
* shed construction
* on-farm improvements
It may make sense to bring some of those decisions forward, provided they align with your longer-term business goals. That last part matters.
Good EOFY planning is not about spending money for the sake of tax deductions. It’s about making smart decisions that strengthen the business over time.
EOFY is more than tax planning.
For many farming families, EOFY can feel like a stressful admin exercise. But we see it differently.
EOFY is one of the few moments in the year where business owners naturally pause and review where things stand.
That creates an opportunity.
Right now, this is the time to look at…
-Year-to-date financial reviews and forecasting
-Debt restructuring conversations
-Managing carry-forward losses from previous dry years
-Reviewing working capital ahead of next season
-Superannuation contribution strategies
-Succession planning discussions
-Finance planning for infrastructure upgrades
Sometimes the most valuable outcome isn’t the tax deduction itself. It’s the clarity.
Knowing where the business sits. Understanding cashflow pressure before it becomes a problem. Making decisions early instead of under stress later.
That’s what builds resilience.
Why EOFY matters more after tough seasons…
After difficult years, many farming businesses naturally go into survival mode. But dry seasons and financial pressure are exactly why planning matters most.
EOFY can be the ideal time to:
-Reassess debt structures
-Review business performance honestly
-Free up working capital
-Access available support measures and start bigger conversations around the future of the business
For some families, this also becomes the starting point for succession discussions.
Who’s taking over? What does transition look like? How do we make the business sustainable for the next generation?
We recently worked with a client investing in water-efficiency infrastructure before EOFY. What started as a tax planning discussion quickly evolved into broader conversations around handing operational responsibility to the next generation.
The tax outcome helped, but the real value came from creating direction and certainty.
Every year, we see businesses leave EOFY planning until the final few weeks of June.
And every year, opportunities get missed because there simply isn’t enough time to properly assess options, structure finance or implement changes effectively.
The businesses in the strongest position heading into the next financial year are usually the ones who started preparing early.
EOFY shouldn’t be about panic. It should be about preparation.
Whether you’re looking to do the following, now is the time to act.
-Review your financial position
-Prepare for policy changes
-Improve cashflow
-Restructure debt or start planning for the future of the business
At Financial Services SA, we work alongside farming families to help create practical, long-term strategies that support both the business and the people behind it.
Because good planning isn’t just about this financial year. It’s about making sure the business can continue to operate successfully through whatever comes next.
If you would like to chat about a business review in order to support your next steps, I encourage you to contact me on 08 8253 2906 or email info@financialservicessa.com.au.
