At Nobel Thomas, our experienced accountants understand the unique challenges facing primary producers, from seasonal income and rising costs to weather uncertainty. We provide specialist accounting, tax and advisory support to help farmers and rural businesses manage risk, stay compliant and make confident financial decisions.
At Nobel Thomas, our agricultural advisory team supports farmers and agribusinesses across livestock, cropping, viticulture, horticulture and mixed farming. We understand the commercial and tax challenges of both family farms and larger agricultural enterprises. Our experienced advisers provide practical guidance on business structures, tax planning, financial strategy and succession, helping you protect your assets, manage risk and build a sustainable future.
With over 25 years of experience, Nobel Thomas is a trusted Accountant Melbourne businesses rely on for expert accounting, tax, and advisory services. As a leading Business Accountant Melbourne, we provide strategic advice, a dedicated accountant, fixed-fee pricing, and fast response times tailored to your business needs. Our Xero Certified team simplifies cloud accounting while our ATO compliance experts ensure your tax, BAS, GST, and reporting obligations are managed accurately. Whether you need a Small Business Accountant Melbourne, Tax Accountant Melbourne, bookkeeping, or business advisory services, we deliver practical solutions that help your business stay compliant, improve profitability, and grow with confidence.
A primary producer accountant helps farmers, graziers and other agricultural businesses manage tax, accounting, cash flow and compliance. Depending on the business and eligibility, this can include advice on income averaging, Farm Management Deposits, GST, deductions, business structures, succession planning and CGT..
Eligible primary producers may benefit from concessions such as income averaging, Farm Management Deposits (FMDs) and specific deductions for certain primary production assets. The concessions available depend on your circumstances.
Income averaging is a tax concession that can help eligible primary producers manage fluctuating income. It works by averaging primary production income over a number of years, which can help reduce the impact of unusually high-income years.
Farm Management Deposits (FMDs) help eligible primary producers manage variable income. An eligible deposit may be deductible in the year it is made, with the amount generally becoming assessable income when it is withdrawn.
Eligible business expenses may include operating costs, repairs, interest, wages and other costs incurred in producing assessable income. Specific rules apply to capital purchases and farm improvements.
Potentially. Specific tax rules apply to eligible fencing and water facilities used in primary production. The timing and amount of deductions depend on the asset and your circumstances.
GST-registered primary producers generally charge GST on taxable sales and may claim GST credits on eligible business purchases. GST is reported through Business Activity Statements (BAS).
Selling a farm or agricultural assets can result in Capital Gains Tax (CGT). The tax outcome depends on factors such as ownership, how the assets were used, when they were acquired and whether any CGT concessions apply.
Primary producers often deal with seasonal income, significant asset purchases, changing commodity prices and complex tax considerations. A specialist accountant can help with tax planning, financial management and long-term farm business decisions.
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Record the property purchase and all directly related acquisition costs.
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Record and properly classify the property in the accounting records.
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Determine the property’s value using the appropriate accounting method.
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Remove the property from the records and recognize any gain or loss.
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