Get the farm business facts with new resources
Author: Sharon Watt | Date: 16 Oct 2018
The Grains Research and Development Corporation (GRDC) is further assisting growers with their farm business decision-making through the release of new national resources.
The GRDC has published another five Farm Business Fact Sheets focused on the topics of structuring your business for generational transfer; applying corporate principles and processes to the family farm; capital gains tax implications on the sale or transfer of farmland; transferring farmland into a self-managed superannuation fund; and investing in a sprayer.
GRDC Extension and Communication Senior Manager, Luke Gaynor, says the fact sheets are designed to inform growers’ decisions on important aspects of their farm enterprises.
“The GRDC has long recognised that grower profitability is intrinsically linked to those decisions made in the farm office and around the family kitchen table, in addition to those made in-paddock,” Mr Gaynor said.
“This is why the GRDC invests in research, development and extension which supports growers in all profit-influencing facets of their farming endeavours.”
The fact sheet on ‘Structuring your business for generational transfer’ provides guidelines on timelines for generational transition and choosing the right structure, and details the advantages and disadvantages of three case studies.
A grower case study is also included in the ‘Capital gains tax implications on the sale or transfer of farmland’ fact sheet, which reminds landowners that any farm succession plan or farm sale can be impacted by capital gains tax, and a good understanding of the options available to the owner prior to the sale or transfer is important.
The ‘Applying corporate principles and processes to the family farm’ fact sheet has been published in response to the continued growth in scale and business complexity of family farms, which has driven interest in improving the quality of governance and management.
Outlined in ‘The transfer of farmland into a self-managed superannuation fund (SMSF)’ fact sheet are superannuation basics, types of superannuation contributions, the key benefits, disadvantages and risks of a SMSF holding farmland, and a case study of a retiring farming family.
The ‘investing in a sprayer: guidelines to assist the decisions’ fact sheet advocates growers take a structured approach to assessing their sprayer needs to reduce the stress and uncertainty of any decision. It sets out the steps involved in such an approach.
The five new fact sheets can be found at http://bit.ly/2E4ZgXL.
Luke Gaynor, GRDC
Sharon Watt, GRDC
0409 675 100
GRDC Project code: ORM00017
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