LISTEN: End of financial year planning tips for producers

We all want to make a profit, but the bigger the profit, the bigger the tax bill. So, how much of your hard-earned cash do you need to give to the tax office?

In this episode, I'll be discussing some useful tips and traps to avoid when preparing for the end of the financial year with your accountant.

This includes some essentials such as the massive difference between profit and cash flow, how to take advantage of a lean year, why banks hate ATO tax debts, and the importance of seeking advice on tax-deductible contributions to super.

I'll also discuss how Farm Management Deposits (FMDs) can help manage your tax liability, when used as part of a bigger business plan.

Tune in the episode below for some great tips and traps to avoid to help you prepare for the end of the financial year.