#42: End of Financial Year Tax Planning Tips for Rural Producers with Ben Law

We all want to make a profit, but the bigger the profit, the bigger the tax bill. So, how much of your hard-earned cash do you need to give to the tax office? In this episode, Ben will be discussing some useful tips and traps to avoid when preparing for the end of the financial year with your accountant.Ben covers some essentials such as the massive difference between profit and cash flow, how to take advantage of a lean year, why banks hate ATO tax debts, and the importance of seeking advice on tax-deductible contributions to super. He also discusses how Farm Management Deposits (FMDs) can help manage your tax liability, when used as part of a bigger business plan.So, join us in this insightful episode for some great tips and traps to avoid to help you prepare for the end of the financial year.-----------------------Ben spent over 20 years working with successful business owners and farming families which allowed him to unearth the timeless principles on how to successfully grow, protect and maintain wealth.If you want to learn the principles of how to grow your family’s wealth throughout the generations, then you might consider joining The AgriCoach Podcast each fortnight for more Wealth & Wisdom.Disclaimer: The information contained in this podcast is general in nature and for education purposes only. It is not financial advice. It is not legal advice. No one should act on the information without appropriate specific advice for your particular circumstances. Ben Law is a former financial advisor but is no longer licensed and cannot and will not give you specific or personal advice in this podcast. The Financial Bloke Group Pty Ltd accepts no responsibility for any loss or damage occasioned by any person acting or refraining from action as a result of reliance on the information in this podcast.https://thefinancialbloke.com.au/

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