Farming and Rural
We’re different….
At Planning for Prosperity we put a special focus on clients working in primary industry, including those who might find it tricky to make it into the city regularly.
In fact we have over 20 years experience working with farmers, so we talk your language.
Many city dwellers view country living as the ‘Simple Life’, but we recognise that although the rural lifestyle is idyllic in many ways it also carries with significant financial challenges. In reality these financial challenges can often be more complex than those faced by city based employees.
Some of the most common issues we assist with include:
We’re across these areas and many more that are specific to primary industry. But one area that we are told is of utmost importance time and time again is Succession Planning.
Keeping the Farm in the Family?
If you’re like many Australian farmers, you’re farm is more than just a parcel of land. It is part of your identity, soul and lifestyle. It may have even been in the family for generations.
So what happens to the farm when you’re gone???
Do you want to pass on the farm intact as a business? What if you have multiple children? How can you ensure all the members of your family get their share without splitting up your property?
We can help guide you through the process of setting up a succession plan and work with you to build a long term strategy for your eventual departure from the farm. One that will satisfy you and your family.
This might involve retirement planning, including Superannuation Strategies specifically targeted towards farmers and other small business owners. Investing in off the farm assets which can support your income during life and provide fairly for your family in the event of your death (eliminating the need to sell of parts of the farm). We’ll discuss insurance options, so you’ll have peace of mind knowing that whoever inherits the farm isn’t saddled with debt.
It is a very complex situation requiring specialist knowledge of a wide range of potential solutions. We not only have extensive experience in this area but are also accredited to provide specialist advice on succession and estate planning. Unfortunately many business owners entrust this crucial subject to their accountant and don’t appreciate the impact a few cut corners can make until it is too late. Accountants as a rule are not experienced in estate planning and are rarely qualified to handle this complex area of advice.
Having an outdated or inaccurate will has far reaching ramifications, so don’t leave it to chance, make sure your advisors are properly experienced and qualified.
Self Managed Super Strategies for Primary Industry
While we are knowledgeable in a wide range of retirement solutions and investment vehicles, one area that we have particular expertise is Self Managed Superannuation Funds (SMSF).
The laws regulating Self Managed Super Funds are complex and ever changing. For this reason advice on Self Managed Super is not something your usual financial planner offers.
At Planning for Prosperity our financial planners are not only well versed in Self Managed Super they have advanced knowledge on a range of strategies targeted towards those in rural businesses.
These Strategies Include…….
We even run regular sessions on ‘Self Managed Super Strategies for Farmers & Small Business’. You’re welcome to attend any of these information sessions which are free (click here) or we’d be happy to go over these strategies with you one on one.
Our Approach
We know that every farm is different. That is why we take the time to understand your specific situation before providing you with any advice.
Often that means seeing your operation first hand. So for rural clients (if you wish) we’re happy to come out to your property to get a real sense of your business, lifestyle and the unique challenges you face. We want to really appreciate where you’re coming from and what you want to achieve.
One thing we don’t do….
One thing we don’t do is tell you how to run your farm. No-one knows your business better than you do and it would be ludicrous for us to think we could do it better. But what we will do is work with you to clearly define your goals for the future and help you fill any gaps in the road it will take you to get there.
We’ll provide advice on using financial products (such as self managed superannuation) as part of an overall strategy to enhance your business and lifestyle. We also discuss how to use off the farm assets to further boost your income and overall financial security.
We Can Help With…
Each plan is totally unique and based on your individual needs but some of the more common services we offer to primary industry clients include:
If your interested in Planning for Prosperities services we’re always happy to talk with you over the phone on 08 8333 0790 , or enter your details below now and we’ll call you to arrange a time to meet. Either at our office in Adelaide or on location at your property.
We know how hard it is for rural clients to find good financial planners who understand their needs and many of you have had bad experiences in the past. That’s why we offer our first consultation free. So register now!
We’re different….
At Planning for Prosperity we put a special focus on clients working in primary industry, including those who might find it tricky to make it into the city regularly.
In fact we have over 20 years experience working with farmers, so we talk your language.
Many city dwellers view country living as the ‘Simple Life’, but we recognise that although the rural lifestyle is idyllic in many ways it also carries with significant financial challenges. In reality these financial challenges can often be more complex than those faced by city based employees.
Some of the most common issues we assist with include:
- Cost Management and Planning
Seasonal income means you have to plan ahead and be disciplined when it comes to expenses. And making sure you can to cover day to day expenses is just the beginning, we aim to help you have more to re-invest into your business and create additional surplus for off the farm investments. - Succession/ Estate Planning
We can help clients plan for their eventual departure from the farm, whether it is through retirement, illness or death. - Investing Off the Farm
Managing investments from a distance can be quite a burdensome task. If you are interested in off the farm investing we will introduce you to effective and tax efficient ways to get the best from your savings. - Family Costs
Our advice includes pre planning for your family’s education, This is especially important if your not an easy distance from a secondary or your children intend to study at a tertiary level. Plan ahead so you have the flexibility to send your child to the school that is right for them, not the one with the lowest fees. - Protecting Yourself and the Family Business
What happens if you suddenly weren’t there to run the farm? In most cases the farm grinds to a halt and even a short illness (or injury) can have long reaching financial ramifications for your business. We asses your needs and design an insurance package to suit.
We’re across these areas and many more that are specific to primary industry. But one area that we are told is of utmost importance time and time again is Succession Planning.
Keeping the Farm in the Family?
If you’re like many Australian farmers, you’re farm is more than just a parcel of land. It is part of your identity, soul and lifestyle. It may have even been in the family for generations.
So what happens to the farm when you’re gone???
Do you want to pass on the farm intact as a business? What if you have multiple children? How can you ensure all the members of your family get their share without splitting up your property?
We can help guide you through the process of setting up a succession plan and work with you to build a long term strategy for your eventual departure from the farm. One that will satisfy you and your family.
This might involve retirement planning, including Superannuation Strategies specifically targeted towards farmers and other small business owners. Investing in off the farm assets which can support your income during life and provide fairly for your family in the event of your death (eliminating the need to sell of parts of the farm). We’ll discuss insurance options, so you’ll have peace of mind knowing that whoever inherits the farm isn’t saddled with debt.
It is a very complex situation requiring specialist knowledge of a wide range of potential solutions. We not only have extensive experience in this area but are also accredited to provide specialist advice on succession and estate planning. Unfortunately many business owners entrust this crucial subject to their accountant and don’t appreciate the impact a few cut corners can make until it is too late. Accountants as a rule are not experienced in estate planning and are rarely qualified to handle this complex area of advice.
Having an outdated or inaccurate will has far reaching ramifications, so don’t leave it to chance, make sure your advisors are properly experienced and qualified.
Self Managed Super Strategies for Primary Industry
While we are knowledgeable in a wide range of retirement solutions and investment vehicles, one area that we have particular expertise is Self Managed Superannuation Funds (SMSF).
The laws regulating Self Managed Super Funds are complex and ever changing. For this reason advice on Self Managed Super is not something your usual financial planner offers.
At Planning for Prosperity our financial planners are not only well versed in Self Managed Super they have advanced knowledge on a range of strategies targeted towards those in rural businesses.
These Strategies Include…….
- Minimising tax when purchasing and owning rural land through super
- Minimising tax by transferring rural land into super
- Receive tax free income from your farm (after age 60)
- Purchase farm land by borrowing within your super fund
- How to keep the family farm in the family and provide for off farm family members
We even run regular sessions on ‘Self Managed Super Strategies for Farmers & Small Business’. You’re welcome to attend any of these information sessions which are free (click here) or we’d be happy to go over these strategies with you one on one.
Our Approach
We know that every farm is different. That is why we take the time to understand your specific situation before providing you with any advice.
Often that means seeing your operation first hand. So for rural clients (if you wish) we’re happy to come out to your property to get a real sense of your business, lifestyle and the unique challenges you face. We want to really appreciate where you’re coming from and what you want to achieve.
One thing we don’t do….
One thing we don’t do is tell you how to run your farm. No-one knows your business better than you do and it would be ludicrous for us to think we could do it better. But what we will do is work with you to clearly define your goals for the future and help you fill any gaps in the road it will take you to get there.
We’ll provide advice on using financial products (such as self managed superannuation) as part of an overall strategy to enhance your business and lifestyle. We also discuss how to use off the farm assets to further boost your income and overall financial security.
We Can Help With…
Each plan is totally unique and based on your individual needs but some of the more common services we offer to primary industry clients include:
- Estate/ Succession Planning
- Advice on Retirement
- Insurance
- General Financial Planning Advice in Debt Management, Saving and Budgeting
- Acquiring & Managing Off the Farm Assets and;
- Strategic Advice around Self Managed Superannuation
If your interested in Planning for Prosperities services we’re always happy to talk with you over the phone on 08 8333 0790 , or enter your details below now and we’ll call you to arrange a time to meet. Either at our office in Adelaide or on location at your property.
We know how hard it is for rural clients to find good financial planners who understand their needs and many of you have had bad experiences in the past. That’s why we offer our first consultation free. So register now!
To book your appointment, just complete the below form
