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Producers looking to optimise cashflow and manage tax implications associated with their rural products purchases can once again do so thanks to Elders, and receive rewards along the way.
The agribusiness’ rural products prepayment program allows producers to prepay their rural products purchases, with the opportunity to receive a reward of 5 per cent per annum on the unused amount of the prepayment, calculated daily and paid monthly.
Elders General Manager Financial Services, Nick Clark, said the program offers a range of benefits.
“The number one benefit is producers can make a payment, but they don’t have to decide on the specific goods at this stage, they can do that throughout the year as they use that prepayment,” he said.
“Typically, a client would make a prepayment before June 30 and receive an invoice for the bulk amount, then decide in the next financial year what they’d like to purchase.
“On the advice of their individual accountant, that invoice may result in a tax deduction in this financial year.”
As an added bonus, Elders is currently running a ‘pre-season’ campaign.
Anyone who opens a rural products prepayment account before May 31, 2023, goes into the draw to win a 2023 grand final getaway, with tickets to the game, flights and accommodation all included.
Opening an account by May 31, 2023, also attracts a $100 Elders store credit that can be used for the purchase of rural products.
Even without the incentive of the grand final getaway, Mr Clark said there had been increased utilisation of the program in recent years.
“I’d put this down to clients experiencing good seasons recently, across all sectors in the agricultural industry,” he said.
“Those good seasons have enabled producers to put more emphasis on optimising their financial cashflow and managing their tax, with the added benefit of the opportunity to receive a reward along the way.”
To qualify for the 5 per cent per annum reward on the unused balance of the prepayment, clients must prepay at least $10,000 by June 30, 2023.
To sign up for the prepayment program, or find out more information, visit the Elders website.
This article is sponsored content from Elders.
