Getting Help with Planning

Planning the future of a dairy business raises complex financial, legal and operational issues, so it pays to seek professional advice — and to draw on a team, since rarely can one profession provide everything the plan needs. 

As a minimum, involve a trusted accountant, solicitor and financial planner; many businesses also find a meeting facilitator valuable. Good advisers make sure the important issues are considered — tax implications and options, retirement income planning, personal risk insurances (income protection and death cover), provision for active and non-active family members, the financial implications of transferring ownership, and people joining or leaving and the right structures — and that the documentation is clear and unambiguous. 

Who to ask 

  • Dairy advisers or consultants — farm business planning and facilitation. 
  • Accountant — tax, business structures and financial statements. 
  • Financial planners — wealth, superannuation, retirement income and insurances. 
  • Rural financial counsellors — free, independent and confidential financial counselling for primary producers experiencing, or at risk of, financial hardship, through the Rural Financial Counselling Service (national line 1300 771 741). 
  • Legal advisers (solicitors) — contracts, transferring ownership, estate matters and disputes. 
  • Bank or fund manager — finance and lending.
Tip

Draw on a team of professionals. Each brings their own expertise and a piece of the plan — rarely will a single person or profession cover everything.

Common questions

Who should a dairy farmer involve when planning the future?

At a minimum a trusted accountant, solicitor and financial planner — and often a dairy adviser or consultant and a meeting facilitator. A team brings the range of expertise the plan needs. 

What issues should advisers help with?

Tax, retirement income planning, personal risk insurances, provision for active and non-active family members, the financial side of transferring ownership, and choosing the right business structures — with clear documentation. 

Is there free help available?

Yes. The Rural Financial Counselling Service offers free, independent and confidential financial counselling to primary producers experiencing, or at risk of, financial hardship.