In this episode, we’ll be talking about one of the complex topics to tackle within the farm business - Succession Panning, particularly from a younger generation’s point of view, which is often missed in the discussion. According to Jack, Succession Planning has become much more personal and relationship-based than the traditional understanding of the transfer of assets. With many futures on the line, Jack outlined the importance of opening up the line of communication to start the planning process as early as possible for a successful transition.
Jack Hayes is a Manager within the Agribusiness division in one of Western Australia's largest accounting firms Byfields Business Advisors. Jack has over 10 years of experience working within the accounting and taxation industry and having grown up on the family farm in Badgingarra, Jack has an established, long-standing passion for the agriculture industry, with a particular interest in the latest farming practices and technology.
Listen to Episode | Succession Planning With Byfields | Agrimaster
Farm Succession | Let's start the converstion
Byfields are uniquely placed to assist growers navigating through their succession plans.
Visit our Succession Planning Resource | Dear Hope
Welcome to the new world of live reporting and more importantly the repercussions of such.
Buying or selling a business can be one of the biggest business decisions you make in your lifetime. It comes with many things you need to consider.
Interest is a key expense of carrying on a business and borrowing allows you access to additional opportunities which may have been otherwise out of reach.
As an agricultural business owner, understanding how you measure up against competitors can be a key to unlocking growth, or unrealised potential in your business.
Navigating overtime, flat rate payments, and superannuation obligations can be challenging for employers when balancing legal requirements with business efficiency.
You will find articles on: Superannuation & Super Guarantee Contributions, Buying or Selling a Business, and more.
As harvest season approaches, your workforce, like your machinery, needs to be well-prepared.
You will find articles on: NFP Self-Review Return, 2024 Financial Year Planning, Navigating Leave Entitlements plus much more.
Not for profit (NFP) organisations have always operated under the requirements of the legislation and should have reviewed, that they met their obligations.
The end of the financial year is fast approaching and we have only just received a decent break to the season for many farmers.
Understanding the various types of leave entitlements is crucial for both employers and employees to ensure fair practices and compliance with employment standards.
In a significant shift towards ensuring safer working environments, Australia has updated its workplace exposure standard for welding fumes.
$20,000 instant asset write-off extended to 30/6/25 $300 for households and $325 for small business as energy bill credits Plus more
You will find articles on: 2024 Tax Planning, a look at the Fair Work Act changes. Ensuring Compliance and Accuracy | Record Keeping Policy.
You may think minimal tax planning will be necessary due to the average or below average 2023 harvest.
You can arrange Insurance cover for: Dry Season Cover Too Little Rain Frost Protection Too Cold Canola Heat Stress Too Hot Wet Harvest Too Much Rain
The Australian Parliament passed the Closing Loopholes No. 2 Bill on 12 February 2024, marking another shift in employment legislation.
In today's fast-paced business environment, maintaining accurate and legal records is not just a matter of internal organisation but a legal necessity.
In this newsletter, we share some important updates regarding Vehicle Haulage Concession as well as the on-Farming Connectivity Program.
In the ever-changing landscape of the Ag industry, succession planning has become a critical consideration for farming families.
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The agricultural industry inquiry report has been released by WorkSafe WA and independent inquirer Ms Pamela Scott.
In the digital age, email communication is a fundamental part of our daily lives. When setting up an email address, individuals often face a critical decision!
There are times when your business changes and assets must be transferred to continue providing you with the best operating structure.
In this newsletter, we share some important updates regarding Carbon Credits, Audit Protection Insurance as well as a registration link to our upcoming webinar!
Our Federal Budget newsletter provides the information you need to better understand what was delivered in Parliament on Tuesday night.
Read about some important updates such as Annature Electronic Signing and Renaming of Keypay and Workzone, plus a couple of articles to get you thinking!
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I’m still not sure I know what crypto is or how it’s made, but I do know that people are buying and selling it in huge amounts...
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As currently legislated, Temporary Full Expensing (TFE) is due to end at 30 June 2023.
A Virtual CFO, is an outsourced service provider, such as a person or a business (like an accounting firm), offering high skill assistance in financial requirements.
Now if you’re a member of a small family business or family farm, you may think that corporate governance is an abstract notion.
Read about some important updates regarding Single Touch Payroll (STP) Phase 2 and (STP) end of year finalisation, as well as Fuel Tax Credits, SGC rate increase.
Neil Hooper and Scott Smith recently had the opportunity of educating growers at SEPWA's Esperance EFOM event. They presented on the Federal budget
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Super re-contribution strategy prior to 2017. It involved the withdrawal of a large chunk of your super balance and a subsequent “re-contribution” of this amount
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The directors at Byfields Business Advisers are pleased to announce the appointment of Eamonn Lanagan as a director of the firm from 1 October 2020.
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Prime Minister Scott Morrison today announced $130 billion of spending over the next six months to support the livelihoods of Australians who lose their jobs and...
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Most of you would have heard by now about the government’s Coronavirus economic stimulus package. The government is planning to introduce these...
The devastating bushfires experienced across Australia in recent months has highlighted just how fragile our unique country and wildlife are. The generosity shown...
The festive season is upon us with Christmas only a couple of weeks away. The partners and staff of Byfields would like to thank all our clients, associates and...
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