Rural Accounting

Accounting Tasman Ltd has a large number of rural clients, ranging from large dairy farms to sheep and beef farmers, to horticulturalists to small life-style blocks.

The farming industry is very volatile and incomes can fluctuate from year to year. It is possible to spread out the income more evenly by using the Income Equalisation Scheme, and this way reduce the amount of tax payable in a particular year. If not enough provisional tax has been paid in a given year then buying tax through Tax Management is a good option to avoid extra interest payments.

A significant change in the last year or so is that the Inland Revenue Department no longer allows you to opt in and out of the ‘Herd Scheme’ (a method of valuing livestock).

We make sure we are up to date with all changes in legislation, such as the new depreciation rates on farm buildings, the taxing of free rent for farm employees which needs to be included as part of their wages and PAYE taken off the total amount.

Many accounting firms make a deliberate decision not to have rural clients, Accounting Tasman Ltd has a particular interest in this area, and look forward to meeting with you and becoming your accountant, if you are working in this sector.

 

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CHARTERED ACCOUNTANTS
Richmond, Nelson.