Tax Planning

Specialists in primary production tax concessions

Thorntons Business Advisors have been working with agribusiness clients for over 50 years. As such we are very familiar with the various primary production income tax concessions that are available to your industry.  Some of the more important ones are:

  • Income averaging
  • Farm management deposits
  • Immediate write off for capital expenditure on water facilities, fencing and landcare operations
  • Three year write off for capital expenditure on fodder storage assets


Profit & Tax Estimates

Then before 30 June each year, we complete a detailed profit and tax estimate that includes a face to face meeting where we discuss all the options that are available to your business as well as the cashflow effects of any decisions made. This will include details of your primary production average rate of tax as well as your marginal rate of tax. Yes these things are different.

Using this information we will investigate if your current structure is still the most suitable for your circumstances or whether a change is needed. This will consider many different variables including asset protection, cashflow needs, debt levels as well as marginal tax rates. In some cases we are finding that a structure that includes a company and accessing the company tax rate is the most suitable.

Grain marketing strategies

We will discuss with you the different selling options that you have at harvest to manage your income levels from one year to the next. Implementing a strategy will also look to alleviate the variance in revenue that most farmers feel with the aim to maintain an even distribution, based on past performance. Putting a plan in place means that you can focus on what you do best, and what you love doing.

Speak to us today about your tax planning needs

We have dedicated experts ready to help with advice about your unique farm accounting needs.