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Planning is Key to Agricultural Business Success


In this post we're going to explore some of the key strategies to planning for your agricultural business' success.Whether you're a small market garden growing vegetables or a large agriculture business exporting livestock, when it comes to growing a profitable and sustainable agriculture business planning is key to your success.

The Benefits Of Business Planning For Your Agricultural Business

Admittedly business planning for your farming business will require some time and effort upfront, which can often turn people off, however, that time is well spent and will usually result in:
  •  A massive saving of time and money for you down the track.
  •  The luxury of planning for and securing finance for your farming business' growth.
  •  The knowledge of being able to identify your business strengths, weaknesses, opportunities and threats such as seasonal changes, changes in your industry and competitors.
  •  And the peace of mind and security of knowing you have a plan in place for your agricultural business instead of hoping for the best.

Read more…

New Phone Numbers for Murray Nankivell Offices


WE HAVE NEW PHONE NUMBERS FOLLOWING OUR MAIN OFFICES SWITCHING TO NBN

These changes also mean that voice communication will be more reliable if we also adopt these numbers across our visiting offices.

Please update your contact lists accordingly.

(08) 8752 8888 Bordertown, Coonalpyn, Kaniva, Keith, Kingston, Lameroo, Nhill, Tintinara
(08) 8765 7777 Naracoorte, Millicent, Penola, Robe
(08) 8535 5999 Murray Bridge, Meningie

We will talk to you soon!

What Truck Drivers Need To Know About Claiming Meal Expenses


How the guidelines have recently changed,
and how to claim without getting caught out
 

If you're a truck driver, you'll have heard that recently the ATO has made changes to the way you can claim meals. After working closely with those in the industry, the ATO has reinstated their previous meal-by-meal claims system. With so much change, it can be hard to keep track of exactly what you can claim, and for how much. That's why we've put it all together to help you keep track.

Read more…

12 Tips on Reducing Your Tax in Farming


Working farms and agricultural properties, like all businesses, have unique tax deductible expenses when it comes to both the running of the property and capital gains tax (CGT). The below lists some of the more common ATO deductions for farms and agricultural properties. You may not have considered that some of the money that you spend on running your farm is completely tax deductible! Here are some examples of farming deductions:

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Continuing to Grow

We are pleased to announce that Mencel Business Services (MBS) will merge with Murray Nankivell from 1 July 2018.  MBS have provided Accounting, Taxation and other business services out of Naracoorte, Robe and Kingston for over 25 years.  MBS' Directors, Rick and Robyn Mencel, are planning for their retirement and have decided to merge with Murray Nankivell.

Rick and Robyn together with some other MBS employees will become part of the Murray Nankivell team and we have started planning for the transition.  We are excited to have MBS staff and clients join with Murray Nankivell which will add strength and depth to our existing team to continue to improve our service offering.

We believe it just makes sense for the two local businesses to merge and continue to provide first rate know-how to clients in the South East and beyond.

Three Risks of Direct Life Insurance

 

How you can get an appropriate policy and advice for your situation

Direct life insurance can 'appear to be' the saving grace to many of our worries. It's cheap, easy to apply for and can be done in no time at all – which makes it the clear choice for many time-poor consumers who want to do the best they can with what they have.

While seeking the advice of a financial adviser might seem like money and time that could be saved, the benefits of seeking out professional advice when it comes to life insurance far outweigh the cost savings.

Direct life insurance isn't always the best option, for a number of reasons, three of which we've outlined for you below.

Read more…

Single Touch Payroll starts 1 July 2018

  

For medium to large scale businesses, 1 July 2018 will bring a huge change in how they report payroll information to the ATO. That's the date the Government will roll out Single Touch Payroll, their new streamlined reporting solution. This system will allow employers to report wages, salaries, withholding, workplace giving, and super information to the ATO at the same time they pay their employees. 

Depending on legislation still on the table in Parliament, the Government will introduce Single Touch Payroll for smaller businesses (those with 19 or fewer employees) on 1 July 2019. The 2018 rollout applies to employers who have 20 or more people on their payroll.

Read more…

The Value Of Owning Your Business Premises

7 advantages of buying your own commercial business property

Considering buying your own commercial business premises? As exciting as this is, there are many key factors to consider and decide upon before making your final decision.

Taking into account the basics such as size, location and facilities of the business premises, other factors to consider could be:
  •  Are you planning on buying your business premises through your self-managed super or more traditional means
     – or even pay cash?
  •  What tax advantages and estimated deductions will you be eligible for?
  •  Will you operate your own business from it, or are you thinking of buying business premises to rent out to tenants?
  •  And of course my favourite question I always ask myself and my clients which is; "Why am I doing this?"

Read more…

Understanding Cash Flow

Thanks a lot for finding your way to the Murray Nankivell blog on understanding cash flow.

First, what is cash flow?
In simple terms cash flow is "the cash you have coming in, and the cash you have going out."

Now while the meaning of cash flow may be relatively simple, learning how to understand and manage cash flow is another thing entirely.

In fact not understanding and mismanaging cash flow is what puts most businesses out of businesses.

Read more…

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