End Of Financial Year Sales - Time to find the best deals

07 June 2024

As the end of the financial year approaches, TasFarmers urges all members to seize the opportunities that come with this critical period. This time of year, presents an opportunity for farmers to take advantage of end-of-financial-year (EOFY) sales and potentially well packaged finance deals, which may significantly benefit primary producers. It is also an opportune time to work with your accountant to ensure your financial strategies are tailored to your specific business needs, including activities to minimize your tax liability.

EOFY promotions can provide substantial discounts on a wide range of agricultural supplies and equipment. From machinery and tools to seeds and chemicals, these sales can offer savings that might not be available at other times of the year. Investing in necessary equipment during end of financial year sales can enhance productivity and efficiency on the farm, making your operations more competitive. Keep an eye out for deals on items that are due for replacement or that can improve your farm’s output.

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In addition to sales, financial institutions frequently offer attractive deals as the financial year draws to a close. These promotions can include lower interest rates, flexible repayment options, and other incentives designed to support the agricultural sector. Taking advantage of these offers can ease the financial burden of significant purchases and investments, helping to maintain cash flow and manage expenses more effectively. It's worth consulting with your financial advisor to explore these options and understand how they align with your business goals and financial health.

However, while these opportunities are tempting, it is crucial to approach them with a strategic mindset. Before making any significant purchases or financial commitments, we would advise consulting with your accountant. An accountant can provide tailored advice, ensuring that your investments align with your long-term business strategy and financial position. They can help you understand the tax implications of your purchases and financing arrangements, optimising your tax position and maximising available deductions. This can play a crucial role in minimising the amount of taxes paid, allowing you to reinvest more into your farming operations.

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An accountant can also assist in developing a comprehensive financial plan that includes budgeting, cash flow management and forecasting. This plan can help you make informed decisions that support the sustainability and growth of your farm business. They can also guide you through the complexities of government grants and subsidies that may be available, ensuring you don’t miss out on any financial support.