Farm succession plans are definitely something that still can be done many accountancy firms advertise to assist farmers in the transition they are definitely not non existent plenty of accounting firms offer these services to farmers. Still the previous link I shared for family farms is still relevant even if there has been changes to the way a farm succession can be structured even though the value of land being so high creates other issues such as what sibling takes control or is it divided up etc estate matters that a lot of families and small business owners face just farm land is of a higher value.blacklab99 wrote:Hi RB,
I think you will find that those historical trust farm ventures are a thing of the past now.
Any body can put a property, business etc into trust, but there are certain limits now which prevent it like in the past
I agree with you that farming is not the only other industry contributing to the ecconomy,
However, farming internally is the biggest contributing industry in Australia, far more than manufacturing ever was I think you will find.
A lot of farms were more prepared than others, but that's totally dependant on where they are, those in the direct drought area have or had no ability to for see or prepare for such disaster. All ready, the supply of feed from Victoria is being held back, due to the fact that they are now concerned about there future. There is no way, any farmer could have prepared for such a drought, or indeed when the floods affected farmers.
Empathy needs to be applied here, the arguement of support will rage on, the comparison to other manufacturing industries is totally irrelevant, if a buisness is running at a loss, why subsidise it for pure jobs, if an industry runs into trouble that actually feeds the country, well, you help it, surely.
The farmers unfortunately are being screwed for their produce, I mean, $1.00 per litre for milk ! I know what it costs to produce a litre of milk and believe me, you'd make more at mcdonalds serving behind the counter, But, that's totally another issue.
But good points Rb, an interesting topic all the same, and one that will be hotly debated un less the rain comes
Col
The $1 a litre for milk price is just wrong but unfortunately you reap what you sow when it comes to this. Since 2000/2001 when dairy farmers deregulated their industry so their was no longer a set price for milk replacing it with prices set by market force. This was done to try and increase profits little did they know the market was due to have international competition. This whole situation has shown that farmers are no longer immune to international competitors like a lot of our other industries.
How do we evaluate the biggest contributing industries in Australia? According to the ABS a number of industries Employed more people than agriculture but the Agriculture industry contributed more in sale service and income with healthcare a close second. I believe forestry and fishing contribute to the Agriculture industries figures.
We know that a farmer can not predict the weather or if the land is over utilised but when there are conflicting reports which suggest some farmers prepared better than others or why theres questions that need to be answered doesn't mean people shouldn't donate but our government needs to evaluate every situation on it's individual basis.
This still does not address the question of the farm deposit management scheme and whether the 6 billion in funds nationally can be used by any of the drought effected farmers or whether they contributed to the scheme in better years. If theres money to be used by farmers their why isn't it being used their is a provision for droughts.
Not going to fire any more questions for now as that is probably alot but I still think farmers are another cog in society and not just one massive entity. We need food, electricity, shelter, drinking water, healthcare, transport of food, shipping and custom checks of food and other produces, disposal of waste, sewage etc they are all cogs in the system all equally important and the majority of society contribute. Farmers are doing it tough like many others are be sympathetic to who you feel needs a helping hand it's the Aussie way and a great gesture. Others who recognise that farmers aren't the only people suffering in society are fair in their acknowledgement of others its not a competition times are tough for many.