Be Prepared and Take the Lead: Making the Most of Your Appointment with a Tax Professional
Be Prepared and Take the Lead: Making the Most of Your Appointment with a Tax Professional
As the end of the financial year approaches, many farmers are turning their attention to their annual tax appointments. Rather than just another task to tick off, this is a valuable opportunity to take charge of your financial future.
RFCS NSW encourages farmers to walk into their tax appointments prepared, informed, and ready to lead the conversation.
Preparation allows your tax professional to do their job more efficiently and gives you the confidence to ask the right questions. It ensures your time together is focused on strategy and outcomes, not searching for receipts or chasing figures.
How to make the most out of your appointment:
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1
Know Your Numbers
Start by understanding your current financial position. Review your income, expenses, debt, and assets. An up-to-date view of your finances will help your tax professional provide the best advice tailored to your needs.
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2
Update your cash flow
A current cash flow forecast shows where your business is headed and helps identify opportunities or challenges in advance. It’s a powerful tool for both short-term planning and long-term success.
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3
Get your documents in order
Have all relevant paperwork ready before your appointment. This can save you from having to book a second meeting or follow up later.
Key documents include:
- Asset purchases and sales
- Loan documents
- Government grants or payments received
- Previous tax returns
- Profit and loss statements
- Livestock reconciliation
Having everything organised saves time and reduces the risk of missing important information.
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4
Have clear goals
Think about what you want to achieve. Are you planning to expand? Restructure your business? Clarifying your goals allows your tax professional to provide advice that aligns with your future plans and supports your long-term success.
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5
Ask Questions
Make the most of your time with your accountant by coming prepared with the right questions. Taking the lead in the conversation ensures your appointment stays focused on what matters most to you and your farm business.
For example, ask about:
- Farm Management Deposits (FMDs): How can using FMDs help you manage fluctuating income from year to year? What are the benefits and risks, and when is the best time to make a deposit or withdrawal?
- Deferred Income Tax Rulings: If you’ve been forced to sell livestock due to drought, fire, or flood, is there a ruling that allows you to defer the income? What do you need to qualify, and how can that decision benefit your tax position in the long term?
- Family Trusts: Is your current trust structure still the most effective way to run the business? What are the ongoing benefits in terms of income distribution, asset protection, or succession planning? Is there a point at which a family trust no longer adds value?
RFCS NSW is here to help
You don’t have to prepare alone. Our Rural Financial Counsellors can help you:
- Update cash flows
- Clarify your financial goals
- Understand the implications of financial decisions
- Provide guidance on the paperwork they need to supply
Our free, confidential and professional service is here to support you, not just at tax time, but all year round.
While RFCs are not taxation experts and can not provide taxation advice, their case management model highlights tax requirements, issues, opportunities, and options to guide you.
Contact your local RFCS NSW and start preparing today. With the right support and a proactive approach, you can walk into your tax appointment with clarity, confidence, and a clear plan for the future.
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