Farm Accounting

Farm Accounting: Tax Pooling

UHY Haines Norton Director and Farm Accounting specialist Mark Foster explains how tax pooling can be a good option for farmers struggling with cash flow. Farmers and the agriculture industry are particularly susceptible to environmental factors – arguably more than any other industry. Every year floods, droughts and other extreme weather over which they have no control

2017-10-02T08:53:40+00:00 September 5th, 2017|Farm Accounting|

Farm Accounting: The Importance Of Counting Your Stock

UHY Haines Norton Director and Farm Accounting specialist Mark Fosterreminds farmers of the importance of maintaining accurate stock figures. One of the main problems we have when producing accounts at the end of the year is reconciling livestock stock numbers. Normally the reconciling of livestock includes taking the opening balances from last year, adding into this

2017-07-04T11:03:15+00:00 June 23rd, 2017|Farm Accounting|

Dairy Farmers Under Greater Financial Pressure

While all farmers are experiencing increasing financial pressure from their banks, recent figures indicate that dairy farmers and sharemilkers are under the greatest pressure. Substantially more dairy farmers and sharemilkers than other farm types report feeling the financial strain. Sheep and beef farmers, in particular, are reported to be feeling relatively satisfied and not subject

2016-11-02T10:32:28+00:00 November 2nd, 2016|Farm Accounting|

Tax Tips for Farmers

The agricultural industry places unique demands on farmers, and keeping up-to-date with accounting and tax rules and regulations can be time-consuming. We’ve compiled a list of tips for making your farm accounting easier. Regardless of whether your end of year balance date is 31st March, 31st May or 30th June, take a physical stocktake of

2016-04-28T09:34:59+00:00 April 28th, 2016|Farm Accounting|

IRD Releases Specified Livestock Determination

The Inland Revenue has released the ‘National Standard Costs for Specified Livestock Determination 2015’.  The determination applies to any specified livestock on hand at the end of the 2014/2015 income year where the taxpayer has elected to value that livestock under the national standard cost scheme for that income year.  The national standard costs are

2015-02-25T09:16:23+00:00 February 25th, 2015|Farm Accounting|

Agriculture News: August / September 2014

UHY Haines Norton Director Mark Foster provides a summary of current farming issues. An informal survey conducted by 3 News at the recent Fieldays in Hamilton found that the majority of farmers questioned want foreign ownership of farms banned, while only 30% don’t want it banned.  The majority opinion – which could spell trouble for

2014-09-04T12:47:57+00:00 September 4th, 2014|Farm Accounting|

Agriculture News: Interest Rates On The Rise Again

UHY Haines Norton Director Mark Foster provides a summary of current farming issues. Most commentators are predicting further rises in interest rates through to the end of the year.  Although this does not directly affect mortgage borrowers who have fixed most of their debt, it does affect the exchange rates as the New Zealand economy

2014-07-08T11:56:43+00:00 July 8th, 2014|Farm Accounting|

Agriculture News: April / May 2014

  Dairy milk prices have dropped for the fifth consecutive time in a row, which hopefully will contribute to the decision to leave interest rates where they currently are.  As farmers selling our produce, the last thing we need is high interest rates equating to a high dollar.  On the counter side of this argument,

2014-05-12T10:32:07+00:00 May 12th, 2014|Farm Accounting|