‘There’s things you can do on the farm everyday but there’s nothing like growing a good crop.’
A Camden market gardener knows firsthand the joys and challenges of running a farm. For him, growing a good crop is a “labour of love” that requires hard work and dedication. Our client is a third-generation farmer who inherited the family business from his grandfather, a Maltese immigrant who started a vegetable farm when he moved to Australia.
Over the years, our client and his brother expanded the farm and now employ 40 staff. However, they faced tax problems and realised that the structure of their business was not suitable for their needs. That’s when a friend’s recommendation led him to Simplify Accounting, where he connected with an expert in property ownership and tax complexities.
Simplify Accounting helped our client and his family set up a company and provided advice on how to employ and sponsor seasonal workers. They also reviewed the 2020 tax return and discovered that some basic accounting practices had been overlooked, which had cost the business a significant amount of money. Thanks to Simplify Accounting’s expertise, our client and his family received a six-figure sum back from the Australian Tax Office.
For our client, having a quality accountant like Simplify Accounting is invaluable. “It’s not just putting numbers in, it’s the advice you get and where else to put the money or work the numbers,” he says. “You can literally make a whole bunch of money and pay it all out in tax, or you can shift money around and have it work for you, spend it in your business.”
Despite the challenges of running a farm, our client hopes to continue the family tradition and pass it on to the next generation. “The farm is a funny thing like that. It can continue to produce for generations,” he says. “But, yeah, we’d like to take a step back and either hand it over to the next generation if they are interested or employ people to continue the business.”
For our client, the farm is more than just a lifestyle — it’s a legacy he hopes to preserve for years to come. And with the support of Simplify Accounting, he is confident that the business will continue to thrive.
