The level of automation and industrialisation of the Australian agricultural industry is high and as a result, there is almost no need for manual cultivation. Farmers constitute around 4% of the population of Australia and the agricultural industry contributes approximately 3% of Australia’s gross domestic product.
Although farmland makes up for nearly 60% of Australian territory, the majority of the farmland is arid and only small areas of the farmland is suitable for crop growing. Despite this, the arid land is extremely suitable for raising livestock, resulting in an advanced livestock industry.
One thing worth noticing is that if investors are foreigners, their investment activities in Australia’s agricultural industry require the approval of the Australian Foreign Investment Review Board (FIRB). In March 2016, FIRB introduced a compliance and tax transparency condition as part of any FIRB approval; new review procedures were added in the meantime. Transfer pricing and anti-tax avoidance measures are under the spotlight.
our servicesWe proactively research and assess the industries our clients are involved in and pay specific attention to changes, trends, and futures within these industries. Our team takes a pre-emptive approach in advising and supporting you through the varied aspects within the agricultural industry. We will help you with a range of services including:
- advice on management and operation of farms
- advice on risk control and internal control
- cash flow forecast, management accounting advice and financial statements preparation
- assist in bank finance and meeting subsequent requests of banks
- assist in developing, expanding, and growth
- services such as bookkeeping, taxation and auditing