Partner Pages 2020: All in on advisory

▤ Summary

Accountant Ben Chandler left sunny Queensland for the brisk, cool climate of Tasmania nearly ten years ago. I suggested we switch to a family trust, but this time for a different reason: it gave the farmer access to primary production averaging and the ability to use farm management deposits. But when you have a really good crop year with high profits, you have the option to put a lump sum in a farm management deposit and claim it as a tax deduction. But I note that their cash flow will see a significant improvement, both from my oversight and from paying a predictable and reasonable fee for compliance and advisory. My top piece of advice on monetising advisory is deceptively simple: always make sure you ask your clients plenty of questions.

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