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The rural market: What we're seeing this month

  May 06, 2022

The rural market: What we're seeing this month

The rural market: What we're seeing this month

With the end of financial year fast approaching, it is time to look back on the current year and start planning for the 2022/2023 financial year. Profits for the 2022 financial year are likely to be higher than 2021 for the majority of farmers. Hopefully this has resulted in a healthy bank account. You may be asking yourself, is this a good time to spend money on capital items or to repay more debt? How much money do I need for tax? Taking the following steps can help you decide what to do:

- Look at what your profit is for the 2022 financial year.
     - What you have achieved so far plus
     - What you have forecast until your balance date
- Is profit up? If so, do you need to pay more tax for your 3rd provisional tax payment?
- Prepare a 2023 budget. 
- How is the cashflow looking?
     - What opportunities does this open up?

Unsure where to start? We can help! Whether you need help to review your tax situation to ensure you're only paying what you need to (without nasty surprises), or you need help putting together a 2023 budget to help save IRD interest...there are many ways we can assist. Get in touch to find out more about the services we provide to help you build a smarter, better farming business. 

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