Nathan Scott
Director
Commercial and Succession Planning
Over the years, we’ve seen many farming families operating in business structures that no longer serve their needs. Every farming business is unique and there is no one-size-fits-all solution, the right structure for your operation won’t necessarily be the same as your neighbour.
Whether you’re planning to grow the business, pass the farm to the next generation or protect your hard-earned assets, your structure will play a key role in how you get there.
A well-considered business structure should address three key areas:
Asset Protection – are your farming assets (land, water, plant and equipment) and personal assets protected from business liability and risk? We often see clients hold their land in their trading entity, which puts their most valuable asset at risk.
Tax Planning – does the structure give you flexibility in distributing income and managing tax obligations and the ability to introduce new people into the business?
Succession Planning – can the farming business be transitioned to the next generation seamlessly without triggering capital gains tax or incurring stamp duty?
To see if your farm is operating under the most effective structure, please make an appointment with our Commercial and Succession Planning team on (03) 5445 3333.
