Snapshot tool to help with tax time

It’s that time of year — the time when everyone starts getting their ducks in a row, counting beans and buttering up their tax agents.

This end of financial year Dairy Australia has seized the moment and released a shiny new online calculator.

This calculator tool allows farmers to assess their farm’s profitability anywhere, anytime, on a device of their choice.

Called the Farm Business Snapshot, it shows the overall cash and profit position of a business and helps farmers identify their weak spots against historical performance.

Registered users will also be able to make comparisons against regional benchmark data and use a traffic light system to assess the position of their business.

Dairy Australia’s Helen Quinn said benchmarking your farm year-on-year was the best way to review your business.

“The Farm Business Snapshot enables you to determine the strengths and weakness of the business and identify opportunities to increase profit and manage risks,” Ms Quinn said.

“(It) is a great first step on your farm business journey, and the upcoming EOFY period is an ideal time to try it out.”

A webinar about the tool will be held on Monday, June 28, at noon.

■ The tool and webinar can be accessed at: dairyaustralia.com.au/FBS