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,…
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…