Getting a better understanding of your tax liabilities is a fundamental tool in improving the financial success of your farm or agricultural business.
As we highlighted in our previous blog, it’s vital that you have a clear focus on maintaining positive cash flow and have profitability built into your farm’s business model. And one of the key ways to reduce your costs and increase profits is to be on top of your tax and applying a consistent tax strategy for the business.
So, what impact does tax have? And how do you plan ahead to minimise the effect of tax costs on your farm’s profits?