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Farm Management Deposit (FMD) scheme changes: What they mean for Tasmanian farmers

The Farm Management Deposit (FMD) scheme allows farmers to set aside primary production income in years of high income, to draw on in leaner years. The deposits are an excellent cash flow planning tool and an important strategy for primary producers to consider in their tax planning. They help farmers build up cash reserves while smoothing fluctuating income, maximising profits and minimising tax liabilities.

Effective 1 July 2016, the government introduced several amendments to the FMD scheme. The changes give farmers more flexibility in managing their businesses and mean that FMDs should be back on the table during the upcoming tax planning season.  In this article we look at two of the changes that we see as particularly relevant to our Tasmanian farming community.

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How we use ATO benchmarking to help your business succeed

The ATO recently released their small business benchmarks. The benchmarks, updated annually, are financial ratios to help compare your business’s performance against others in your industry. They are used by the ATO but can also be used to find business improvements.

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8 smart ways to manage your debtors for business success

Getting paid on time is critical to managing your small business’ cash flow. And, let’s face it, cash flow is critical to your business’ survival. Paying suppliers and salaries, investing in infrastructure and growth – if you don’t have the cash your business is in trouble.

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Small business: Decisions for your end-of-year planning

There are a variety of decisions that are required to be made at year end to manage your tax bill.  Your choices will be based on your businesses activities, both past and future, and also when you are looking to exit.

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