Farm Accounting

COVID-19 Relief Packages For Farmers

We look at two options for COVID-19 relief packages for farmers who have been affected by the crisis.  Wage Subsidy Extension One of the options for COVID-19 relief packages for farmers is the wage subsidy extension, created to support employers who continue to be significantly impacted by the COVID-19 crisis. Applications will open on 10th

2020-06-04T09:54:56+12:00June 4th, 2020|COVID-19, Farm Accounting|

Farm Accounting: Livestock Counting

UHY Haines Norton Director and Farm Accounting expert Mark Foster reminds farmers why accurate livestock counting is so important for tax purposes. Keeping a handle on your livestock numbers can be an ongoing challenge, and it all comes to a head at the end of the financial year when we want an accurate stock figure

2020-02-26T09:59:53+12:00February 26th, 2020|Farm Accounting|

Farm Accounting: Emissions Trading Scheme

The government recently unveiled a set of proposals for bringing the agriculture industry into the Emissions Trading Scheme (ETS). Heralded by some as a “sweetheart deal”, it is proposed to bring the sector into the scheme from 2025 at a 95% discount rate, meaning it will pay 5% of its total emissions cost. Not surprisingly,

2019-09-04T12:24:50+12:00August 19th, 2019|Farm Accounting|

Off Road Fuel Rebates

On 1st July 2019 the government passed the second of three annual increases in fuel tax, resulting in some of the highest petrol prices New Zealand has seen in years. With no end in sight, it is worth knowing that if you use petrol in off road vehicles or machinery for commercial purposes, you could

2019-07-25T09:32:46+12:00July 25th, 2019|Farm Accounting|

Specified Livestock Determination 2019

Inland Revenue has released “The National Standard Costs for Specified Livestock Determination 2019”. It applies to any specified livestock on hand at the end of the 2018/19 financial year where the national cost scheme has been elected as the livestock valuation method. For more information and advice regarding farm accounting please contact our Farm Accounting

2019-02-04T09:05:34+12:00February 4th, 2019|Farm Accounting|

Succession Planning For Farmers

Is your will your farm succession plan? Unfortunately for many privately-owned farming enterprises, the preparation of their wills is their only attempt to address family succession. According to recent research, only 50% of farming enterprises have started to discuss succession, let alone prepared an effective succession plan. We all know succession is a complex and

2018-08-30T11:09:00+12:00August 30th, 2018|Farm Accounting, Succession and Exit|

Farm Accounting: M. Bovis Numbers Explode

The Ministry for Primary Industries (MPI) is scrambling to update estimates of farms infected with Mycobacterium bovis disease after property numbers under question exploded from 129 to 299 farms. This is not just limited to dairy farms but is having a real impact on the farming sector in general. Already the disease has been found

2018-05-21T10:09:04+12:00May 21st, 2018|Farm Accounting|

Farm Accounting: Figured and Xero Together

UHY Haines Norton Director and Farm Accounting specialist Mark Foster explains the benefits for farmers of using Figured and Xero software together.  There is good news for farmers looking to improve their management of farm performance and profitability. Xero accounting software has the ability to manage livestock tracking with the help of the farm accounting

2017-11-23T12:02:45+12:00November 23rd, 2017|Farm Accounting|

Farm Accounting: Farmhouse Expenses

UHY Haines Norton Director and Farm Accounting specialist Mark Foster clarifies the recent changes to the rules for claiming farmhouse expenses. The IRD has made some changes to the guidelines for claiming farmhouse expenses. These apply to the 2017/18 tax year: from 1st June 2017 for dairy farmers and 1st July 2017 for sheep and

2017-10-31T08:11:38+12:00October 31st, 2017|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+12:00September 5th, 2017|Farm Accounting|