Take stock of EOFY with Elders
01 June 2023, AU: Elders has a range of solutions available to assist you with your preparation for tax time.
Rural Products Prepayment Program
Make the most of a good season with our Rural Products Prepayment Program, which allows you to prepay your rural products purchases.
You’ll receive a reward of 5.0 per cent per annum on the unused amount of the prepayment, calculated daily and paid monthly and you could even be eligible for tax deductions in this financial year*.
Elders General Manager Financial Services, Nick Clark, says 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.”
Farm Management Deposits
According to the Department of Agriculture, Forestry and Fisheries1, industry production levels and export values remain at record levels, with farm income generally above historical benchmarks. This puts producers in a strong position to set aside funds for leaner years. Individuals can set aside up to $800,000 in pre-tax income, to help future proof your business.
Our relationship with Rural Bank means you can access a range of competitive Farm Management Deposit (FMD) options. Including the current 4.5% on a twelve-month fixed FMD Account, an FMD offset or even a Rural Bank ONE FMD online account**.
EOFY catalogue
Our annual End of Financial Year catalogue is out now. It’s packed with great deals on rural products. From crop protection to animal health or general merchandise, you will find great offers designed to give you maximum bang for your buck.
View the catalogue now or get in touch with your local branch.
Equipment finance
It’s now an ideal time to consider investing in infrastructure that will achieve farm efficiencies and improve productivity. Competitive equipment finance options are available to assist you in purchasing, upgrading, or replacing your farm business equipment, while preserving your working capital.
Easy access to statements
It is easy to coordinate the supply of your statements to your accountant through Elders Online.
This portal provides quick and easy access to all your transaction details and allows you to view, print or save all your historical transaction details. You’re also able to reprint invoices, download a transaction file which can be loaded into your accounting software and view all of your payments due and coming due.
Also Read: Rajasthan Government categorizes Agrochemical companies based on sample report
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