UHY Haines Norton Director and Farm Accounting specialist Mark Foster reminds farmers of the importance of maintaining accurate stock figures. One of the main problems we have when producing accounts at the end of the year is reconciling livestock numbers. Normally the reconciling of livestock includes taking the opening balances from last year, adding into…Details
While all farmers are experiencing increasing financial pressure from their banks, recent figures indicate that dairy farmers and sharemilkers are under the greatest pressure. Substantially more dairy farmers and sharemilkers than other farm types report feeling the financial strain. Sheep and beef farmers, in particular, are reported to be feeling relatively satisfied and not subject…Details
The agricultural industry places unique demands on farmers, and keeping up-to-date with accounting and tax rules and regulations can be time-consuming. We’ve compiled a list of tips for making your farm accounting easier. Regardless of whether your end of year balance date is 31st March, 31st May or 30th June, take a physical stocktake of…Details
The latest in the Ministry of Business, Innovation and Employment’s crack down on dairy farming employment practices has seen another farm ordered to pay $7,500 in penalties. An audit of a Canterbury dairy farm identified a number of breaches of minimum employment standards, including having staff on a casual contract when they should have been…Details
The Inland Revenue has released the ‘National Standard Costs for Specified Livestock Determination 2015’. The determination applies to any specified livestock on hand at the end of the 2014/2015 income year where the taxpayer has elected to value that livestock under the national standard cost scheme for that income year. The national standard costs are…Details
UHY Haines Norton Director Mark Foster provides a summary of current farming issues. An informal survey conducted by 3 News at the recent Fieldays in Hamilton found that the majority of farmers questioned want foreign ownership of farms banned, while only 30% don’t want it banned. The majority opinion – which could spell trouble for…Details
UHY Haines Norton Director Mark Foster provides a summary of current farming issues. Most commentators are predicting further rises in interest rates through to the end of the year. Although this does not directly affect mortgage borrowers who have fixed most of their debt, it does affect the exchange rates as the New Zealand economy…Details
- Dairy milk prices have dropped for the fifth consecutive time in a row, which hopefully will contribute to the decision to leave interest rates where they currently are. As farmers selling our produce, the last thing we need is high interest rates equating to a high dollar. On the counter side of this argument, the housing demand – especially in Auckland – is still significant, as are the increasing numbers of new immigrants to New Zealand and the building boom commencing in Canterbury.
- Stock prices appear to be holding despite the drought some of us have experienced in recent months. Weaner prices appear to have been a mixed bag with good lines selling well at the fares, however lower to middle of the range stock was marginal. Dairy cow prices also appear to be consistent with the previous year, despite the record Fonterra pay out.
- Now is the time for regressing and getting ready for the winter months, and here’s hoping for another mild winter like most regions experienced last year.
Well, the Kaipara region has endured yet another bad drought. Although not as widespread as in 2013, in some areas – South Kaipara included – the drought has been just as bad if not worse than what we experienced last year. I believe from Dargaville down to South Head was the worst hit. In some…Details
The solution will allow farmers and their accountants to work on the same information and provide one central location for their key accounting and farm management tools.
A recent article written by Mike Peterson, Head of Beef + Lamb New Zealand, who is retiring this year, says that most farmers don’t understand what their balance sheet looks like or how cashflow requirements are going to be funded for any major farm development work.Details
While dairy prices may be at an all-time high, spare a thought for Kaipara dairy farmers who are struggling with drought conditions worse than this time last year. Some Kaipara dairy farmers are conceding that the season is already over. They are drying off cows and are now faced with the high cost of palm…Details