For trusted advice you may have a farm consultant, rural accountant, mentor, rural banker, or friend. The most important thing about this person is that you either know that they are successful in their farming business, that you trust them or that you know of someone else who has used their services and been happy with the outcome.
What should I do before signing a contract or agreement?
Always seek advice, particularly when signing an agreement that is for more than one season. Read the whole contract as all your core obligations are in it. Understand how each clause may affect the farm and be prepared to negotiate each clause. If you are a Federated Farmers member you have access to legal advice.
DairyNZ’s Dairy Connect service puts farmers seeking advice in touch with farmers who have knowledge and experience across specialist topics. Many of the farmers we have willing to share their experiences and knowledge are farm owners and sharemilkers who have navigated their way through sharemilking agreements, communication issues, negotiations and more.
Buddy-up with a farmer in your area to share strategies and help with your decision making read more.
Accountants, bankers, farm consultants and HR consultants
Farm businesses are worth a significant amount of money, when you think about the size of your farm business setting aside a sum for good advice is a sound investment.
If you are starting out and haven’t already got a relationship with a banker and accountant it is important to do so. Both professionals should be part of your trusted adviser network.
Many farmers also use the services of Farm Consultants or HR Consultants when developing, advertising and negotiating agreements and contracts. Using a professional service helps provide greater certainty that both parties understand the agreement and any aspects of the farm that should be taken into consideration.
Becoming a Federated Farmers member
Federated Farmers have a national network offering practical information, support, contracts and agreements for sharemilking, contract milking, employment, grazing, and leasing land as well as opportunities for farmers to come together and learn from each other. All members get free access to a legal team for advice.
Farm Owners, Sharemilkers and Contract Milkers are often renegotiating agreements on a regular basis. Changes in legislation and case law are happening all the time and joining Federated Farmers is one way to lessen some of the risks to your business.
Find out more about membership and benefits here.
Inland Revenue support for businesses
IRD business courses and support
At any stage of your dairy career you might find the free courses offered by Inland Revenue valuable in increasing your skills and compliance with subjects such as Kiwisaver and PAYE for Employers and GST. IRD also offer a service to farmers whereby they will come to your farm and advise on setting up your office systems. A third option when setting up a business is to use their series of videos.
- For information on courses visit Inland Revenue here.
- To find out about the one-on-one advisor who can come to you click here.
- For the “Introduction to business” videos click here.
Are you entitled to Working for Families tax credits?
Working for Families Tax Credits are a group of four different payments available to families. You may qualify for one or more payments, depending on your family circumstances.
More information on how to apply for Working for Families Tax Credits can be found via the following link: http://www.ird.govt.nz/wff-tax-credits/
Rural Support Trust
Rural Support Trusts help people and families in the wider rural community who are experiencing stress and need support to more effectively meet and overcome these challenges. Services are free and confidential learn more here.