How much does your tax return tell you about your business?

One of the few legal obligations on a farm business is to have an annual tax return completed, so by default, tax returns remain the number one financial record of a farm business. However, as few farmers know how to read and use them, they are one of the most under-utilised resources in a farming business. Are you getting the most out of your tax return?

Key Points

• If you do nothing else with your finances, at least understand what your tax return is telling you!
• Know what your tax return is not telling you!
• If you don’t understand your tax return, at least know what questions to ask your accountant.
• If you want a better business, move your financial understanding beyond your tax return.

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Region National, North, South, West, Overseas

• 2.55 mbWhat your tax return tells you Fact SheetHow much does your tax return tell you about your business?   One of the few legal obligations on a farm business is to have an annual tax return completed, so by default, tax returns remain the number one financial record of a farm business. However, as few farmers know how to read and use them, they are one of the most under-utilised resources in a farming business. Are you getting the most out of your tax return?