Farm Accounting
Primary sector entities are unique among businesses in New Zealand. Not only do the myriad of conventional tax and entity laws and processes apply to the business, but there are also additional exclusive tax laws and opportunities that apply specifically to the primary sector.
Chartered Accountants with a good all round knowledge of these specific laws are essential to get the best of your farming business.
Silks has a team that can apply these specific laws to your farming business. In valuation of livestock for example there are several choices able to be used each with its own merits and dependent on your specific circumstances. The correct choice can make a significant difference/advantage to your business just as the wrong choice can have significant disadvantage and prove costly to you.
At Silks, we understand the different choices and can tailor the correct choice to your business both for your current and future needs (including succession needs).
More than other businesses, with farming no one size fits all so it is important to recognise, identify and plan for the issues that will affect your own circumstances.
