Let us help you navigate the many considerations necessary to reach an agreement that can maximise the outcome for you and your family.
Have you considered the following:
Gift or sell the farm to family?
Transfer or dissolve the farm business partnerships, trust or company?
Dealing with other farm assets (i.e. livestock, plant & equipment)
Asset valuations for land and water
Vendor finance / loan agreements / mortgages
Establishing an income stream for the retiring farmer/s
The farming operation has to be viable for the next generation under any new arrangements
What are the costs involved in transferring the farm (i.e. stamp duty, legal costs etc)?
What are the tax implications?
Are there superannuation strategies that can be utilised?
Will this affect your Centrelink entitlements?
Can you utilise various strategies to gain Centrelink entitlements immediately?
Will this affect your Estate Planning (e.g. providing for other children)?
Will this affect future aged care accommodation planning?
Aligning your farm succession plan with your retirement plan is essential to continue to build and protect your wealth and security.
The Agribusiness sector has several taxation exemptions and relief mechanisms available if the right structure is in place.
Time frames are important, early communicating and planning are essential in reaching a successful outcome.
We work closely with your Account and Legal Advisers to achieve the most successful outcome.