Dairy Australia - Dairy information for Australian Dairy Farmers and the industry

Primary content

Thinking business heading into the new financial year

  • Set up your accounts using the Dairy Standard Chart of Accounts – it provides an agreed industry breakdown on income and cost categories which line up with DairyBase. Talk to your accountant about using the Dairy Standard Chart of Accounts too.
  • Know your expected income - get an income estimation for 2018/19 from your processor so you know your milk income for your production.
  • Do a livestock and feed inventory stock take at the end of the financial year and start pulling together your physical and financial numbers for the last 12 months. Not on DairyBase? Go to dairybase.com.au and register now.
  • Prepare an annual budget so you can confidently discuss your income and costs with others and track them as the year progresses. Dairy Australia’s Cash Budgeting Tool can help do this.
  • Talk about it - sit down and talk through your goals, plans and budgets for the year ahead with your partner and/or business partners. Once you’ve done that, talk to your wider team including your advisers, banker and staff. Having a shared view and everyone on the same page is the best way to head into the new financial year.
  • Understand the new pay rates – remember new pay rates apply from the first pay period that starts on or after 1 July 2018. We’ll share them with you as soon as they’re available. Check The People in Dairy in the new financial year for more information.

Back to news