Because We Are Not Mind Readers

Your accountant wears a lot of hats. Tax expert. Business advisor. Financial interpreter. Sometimes part-time therapist. But one thing we are not is a mind reader.

Most people think of succession planning as legal documents, tax advice and business valuations. These things matter. But they are not what keeps a family together.

For many family farms, succession is not just about handing over the land. It is about handing over a lifetime of work, identity, and purpose. But one of the biggest challenges in succession planning is often the most obvious.

If the farm has only ever supported one household, how can it possibly support two or more?

What Is the End Goal in Your Business?

Business owners are often asked how big they want their business to be. More clients, more staff, more revenue. Growth is assumed to be the goal.

Running a business often means putting yourself last. You take the risks, manage the team, and work the longest hours, yet many business owners hold back when it comes to paying themselves a proper income.

For many business owners, lodging the Business Activity Statement (BAS) feels like just another compliance task. But a rushed or careless BAS can lead to avoidable ATO scrutiny, penalties, or missed refunds.

If you're claiming car expenses using the operating cost method for Fringe Benefits Tax (FBT), a valid logbook is essential. Without it, the ATO will disallow your method, and you’ll likely end up with a higher FBT bill using the statutory formula.

So what does a valid logbook actually look like? And how detailed does it need to be?

Here’s what employers need to know.

If your business provides a car to an employee, or uses novated leasing as part of a salary package, Fringe Benefits Tax (FBT) may apply. Many business owners are surprised to learn that even limited private use of a work vehicle can trigger an FBT liability. This article outlines the key considerations for employers when it comes to cars and FBT.

Farm succession planning is often pushed to the side – not because it’s unimportant, but because it’s complex, emotional and easy to delay. But waiting too long can lead to confusion, conflict and missed opportunities. In our experience, most families benefit from starting earlier than they think.

Superannuation is often one of your largest assets, but many Australians don't realise it's not automatically covered by your Will. What happens to your super after you die depends on how it's set up, who you nominate, and whether you're using a retail/industry fund or a self-managed super fund (SMSF).

Farming families are no strangers to hard work. But when it comes to handing over the reins, succession planning is one of the toughest jobs of all. Emotions run high, timing is tricky, and it can feel like opening a can of worms no one asked for. Still, not planning is the biggest risk of all.

With 30 June approaching, now’s the time to get your financials in order. From super contributions to asset write-offs, small steps now can mean big savings later.

From 1 July 2025, the Federal Government plans to introduce a 30% tax on earnings attributed to the portion of your super above $3 million — including unrealised gains. It’s not law yet, but it’s well on the way. Now’s the time to understand how it could impact your retirement strategy.

If you’re approaching retirement and haven’t mapped out your financial future, you’re not alone—but you are cutting it fine. Here’s why planning years (or even decades) in advance is the key to a stress-free retirement.