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 FARM SALES & PURCHASES

Sale of Your Farm

Your farm business is one of the major assets you will own, and often it may fund your retirement as well. It is imperative your business is in the best shape possible to make sure you receive the highest price possible when you decide to sell. You may also have a large capital gain on the sale, which could result in a very large tax bill if you don't receive good advice. Kennas can help you with a range of issues when you are selling your farm business including:-

  • Preparing your business for sale to achieve the highest sale price
  • Help you determine a sale price
  • Considering various aspects of the sale including employees
  • Minimising tax and GST payable on the sale of your business

Purchase of a Farm

When it comes to buying a farm, you cannot spend too much time researching all of the contingencies. Consulting with Kennas throughout the purchase process will help to ensure decisions made today best position you to prosper, minimise tax and obtain finance in the future.

  • Decide on the most suitable structure for your business - sole trader, partnership, trust or company
  • Prepare a business plan, cashflow projections, budgets, and trading forecasts
  • Evaluate if the purchase price is reasonable
  • Consider GST and income tax issues on purchase
  • Assess your finance requirements, advise on the best sources of finance, and draw up the necessary proposals
  • Complete any taxation registration procedures including ABN, GST, and employer
  •  Set up a recording system for helping manage your business and for complying with statutory requirements
  • Train you in financial management best practice.
                   

     

    Contact Kennas Today!