If you run a farming business, your income can experience some hard knocks with seasonal peaks and troughs, bad weather or other extreme events. Have you considered income equalization to help manage your tax and take some pressure off cash flow?
To ease financial pressure, it might be worth considering the income equalisation scheme available for farmers, fishers, growers and foresters. In challenging times, it may help you manage your tax obligations as well as everything else.
Income equalisation, including the environmental restoration scheme, can even out fluctuations in your income by spreading gross income from year to year. To find out if you’re eligible, head to myIR, where you can:
- register for income equalisation in real-time, or
- register for environmental restoration (if this is applicable) by sending a web message and attaching the required documents
- keep track of your reserve scheme information under the account types EQU (income equalisation) and ERA (environmental restoration)
- manage all your deposits and withdrawals.
- Please contact your Walker Wayland Accountant to discuss this if you think this might work for you.