Farming News June 2020
Disruption is nothing new for farmers. For years, they’ve been battling drought, market volatility, Mycoplasma bovis, and now COVID-19. But, like the rest of New Zealand, staying positive and reviving the economy are their priority.
Here’s a snapshot of what’s happening on local farms, on the environmental front, and what guidance, support and tax relief is available to help farmers wade through the uncertainty.
Looking on the bright side
“We’re all in the same storm, just different boats” rings true when it comes to the impact of COVID-19 on farmers around New Zealand. Despite challenges for all, most will agree that being an “essential” is a good waka to be in.
Let’s hear how things are panning out for two regional winners of the 2020 New Zealand Dairy Industry… Read more
Keep taking environmental sustainability seriously
“In our catchment, nitrogen leaching is a concern so we’re looking keenly into our own figures around the subject of milk urea. We want to learn how to be more efficient with nitrogen usage so we can lower urine nitrogen in cows and reduce leaching.” Ashburton farmer Ralph Tompsett.
There’s no doubt greenhouse gas emissions and waterways will have had… Read more
Support when you need it
Farming is challenging and unpredictable. That’s why having the support – financially and holistically – is key.
Here are several ways you can access guidance during the ups and downs. #1 The Farm Debt Mediation Scheme Farmers under financial strain will have access to extra support and guidance from next month. The Farm Debt Mediation Scheme, which comes into play on… Read more
NZX Milk Price Futures Contracts in a nutshell
NZX has developed milk price futures and options contracts in response to the need for risk management tools for New Zealand’s dairy industry.
To help you get your head around the tax treatment of these contracts, Inland Revenue has released a determination – G31 NZX Milk Price Futures Contracts: an expected value approach. It’s clear and simple and applies to all… Read more
Business Health Check
- Are you aware of the Income Equalisation Scheme? It allows farmers to even out fluctuations in income by spreading gross income from year to year. Talk to us about whether it could help ease your tax position.
- Storing chemicals on your farm? New rules mean you need to establish a hazardous substance location and hold a location compliance certificate… Read more