For the younger generation of many family farming businesses, involvement with the farm may mean working without receiving any ‘real’ income. These family members often secure paid employment outside of the family business to enable them to provide for their immediate families in the short term. While working outside of the family business is often…
Times have changed and it’s less likely these days that a farm will automatically be inherited by a son. With many farms being managed as businesses, succession planning is more comprehensive and needs to deal with matters other than a simple Will. These include the retirement plans of the older generation, managing complex family dynamics…
On Tuesday 9 May, the Federal Government handed down its Budget for the 2017–18 financial year. According to Federal Treasurer Scott Morrison, this year’s Budget is founded on the principles of fairness, security and opportunity. Mr Morrison claims that the government’s proposed measures will raise almost $21 billion in revenue over the next four years,…
Working in a family agricultural business comes with a multitude of challenges and, for many farmers, the primary focus for the business is on achieving viable increases in production levels to maintain a sustainable business. But you should also consider how changes to your family could affect your business in the future and, in particular,…
When I suffered a heart attack at the age of 38, not only did it impact on me physically and emotionally, but it also affected me financially. I did not have insurance outside of super in place when I had my heart attack and now I am almost “uninsurable”. When I investigated insuring myself, most…
With many of the changes announced in the 2016 Federal Budget now passed by Parliament, there is an amount of certainty that you can have when approaching your SMSF planning and the contributions you might wish to make to your SMSF. The Government is lowering both the concessional (pre-tax) and non-concessional (after-tax) contribution limits from…
Running an agricultural business goes hand in hand with fluctuations in production inputs, income and cash flow, little control over market prices and the need to cover expenses in low income years. Many agricultural business owners feel like they are at the mercy of others and the environment, and are unable to make the most…
When many people think about financial planning, they think it’s all about savings and investments, but there are many other facets that everyday Australians need to take into account when considering their overall financial situation. Statistics reveal that one in four people living in rural and regional areas is suffering from cardiovascular disease and men…
If you want real financial insights and a drought-proof plan that identifies outcomes and how you can achieve them for your family business, this tip is for you . . . . Dibbo’s financial and agri-business reviews are structured and logical, but unlike some reviews that focus on the past and present, Dibbo takes this…
While it’s easy to be consumed by the everyday demands of working in your rural business, the importance of planning your financial future, including selling your rural business and planning your retirement should never be underestimated. The importance of early planning As a financial adviser who has worked with farming families for more than 30…