|Preserving Livelihoods and Legacies…..
by Dianna Jacobsen of SHINE at Business
|For farming families, the catch cry of ‘Farm Succession Planning’ causes cringing and procrastination….
The biggest message to take and share is that FAMILY FARMS ARE NOT EXEMPT FROM CAPITAL GAINS TAX AND STAMP DUTY unless the plan has been carefully written, the scenario scrutinised in minute detail, and necessary documentation duly prepared and validated, before deliberate and mindful implementation.
The good news is that it can be done much more easily and effectively than most people believe, and it is never too early to start, so the plan is written well in advance, serving as a safety net should something unfortunate occur.
The most important thing it to have the right team of people, with an integrated approach, who will look at all of the factors to be considered, as a cohesive plan: accountant, solicitor, financial planner (for superannuation, retirement planning, Centrelink), banker, mediator/ facilitator.
Problems tend to arise when a Succession Plan is approached from one perspective only, and these 5 perspectives are not properly managed and incorporated.
Dianna Jacobsen grew up on her family’s farm at Pleasant Hills, between Henty & Lockhart, and now lives on a small cattle farm in NE Vic.
Growing up, Dianna saw first-hand the effects of poor planning and lack of good advice within her local community, and has spent her professional life working with rural families. Along with her duly-qualified team, Dianna – herself a qualified accountant & financial planner, now specialises in strategic and succession planning for rural businesses nationally.
Dianna also works with organisation such as VFF, NSW Farmers, NFF, Rabobank, NAB Agribankers, the Australian Agriculture Centre, and many others, assisting their members and clients with professional planning and guidance.
Below is a link to the full article with more information.
Plus, Dianna has provided a Farm Succession Planning checklist for your personal reference.
Dianna is available for a complimentary chat to answer your questions, on 0412 804 716 or Dianna@SHINEatBusiness.com.au
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