With being a farmer you are no doubt enjoying the increased pay-outs, that are long deserved! With this being a good season so far, it provides you the opportunity to potentially pay down debt, which no doubt was largely been attributed from previous tough seasons and now you can enjoy reaping the rewards.
As stated in Agri HQ FWplus “Fonterra anticipates bigger growth in milk supply this season with dry conditions not as bad as last year’s drought, and the incentive of a higher forecast farmgate payout.
New Zealand milk volumes are forecast to rise 7.5% to 1.57 million kilograms of milksolids (kg MS) in the 2013-14 season. This was up from a previous expectation of 6.4% growth, Fonterra said. Based on the forecast payout to farmers of $8.65/kg MS, that implies Fonterra will pay some $13.61 billion to source local milk in the season. Fonterra’s NZ-sourced milk costs were $8.64b in the year ended July 31, 2013.”
With this said beware of the implications of these good times. Have you thought of the potential tax bill that is just around the corner? Are you budgeting and planning wisely? What structures and ‘roadmap’ do you have in place? Don’t go into hiding with this, make sure you have everything mapped out so there aren't any unpleasant surprises.
Part of our DNA at Hughson and Associates, is helping you with your ‘future, today’. We want you to thrive and prosper. By working together to formulate your own roadmap, will ensure you have budgeted, planned, forecasted all major milestone ahead. Make the most of your good season and set yourself up for the best year yet!
For our Farming clients we offer THE Farmers Roadmap For 2014 Session where you discover ….
- Vision – getting really clear on what you need to do with tax planning based on your pay-outs
- Understanding what your challenges are and how to overcome these
- Clarity around your numbers
- The best and quickest way to get you your desired results
- Clarity on how your next steps
- An Action plan of what to do
- Most importantly you will walk away from this session feeling refreshed an renewed knowing that you have clarity on how to achieve your Roadmap...