The authorities have been tightening up on trusts for many years, and the latest set of proposals are set to tax trust income even more severely.
The time has come for us to learn some lessons from the most labour-efficient farmers in the world.
Maize producers and maize users will have to watch the markets carefully in coming months.
In a recent seminar, Prof Willie van der Westhuizen discussed errors that could lead to tax costs.
Don’t become obsessed with cost-cutting. Profit is what really matters – and this requires revenue.
Efficiency measures are necessary right now, but all decisions should be taken on a ‘total farm’ basis.
Although the practice itself isn’t illegal, the abuse or serious mismatch of prices is a form of tax avoidance.
Fine-tuning costs may not be enough to keep the business solvent. Use brainstorming to generate new ideas which will make a real difference.
Changes to the SA tax regime mean fewer opportunities to minimise your tax liabilities.
Only those who constantly strive to improve the efficiency of their farms will survive.
The savings from cutbacks are easily calculated, but be very careful about taking decisions which save money now and cost much more in years to come.
Believe it or not, farmers frequently find it more difficult to manage a good year than a bad one.
