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Business management training for primary producers

South East Local Land Services with Chris Houghton Agricultural will deliver "Farm Business Management Essentials", a one-day introductory course for primary producers wanting to improve their financial literacy skills.

The course will be held on Wednesday, 18 March at Braidwood Servicemen's Club from 9.00 am to 4.30 pm and is targeted at both new and established land managers who are keen to take some of the mystery out of farm business management. 

It will help participants to:

  • understand basic accounting principles and terminology relating to farm businesses
  • understand their tax returns to use the information in them to analyse business performance.

Mr Houghton said there is a lot of confusion around tax returns, so in this course tax returns are used as the principle source of financial information.

"Tax returns are accurate, but are written for the Tax Office to understand, not for farm business managers," Mr Houghton said.

"Participants at this course will be shown how to make the necessary adjustments to their tax returns to give them a document that will provide valuable insights into their farm business."

The Farm Business Management Essentials course also outlines the subtle differences between management accounting and tax accounting. 

It shows the importance of the information in profit and loss budgets and in balance sheets when they are adjusted to reflect accurate management figures.

Important concepts like liquidity, solvency, profitability, financial efficiency and debt servicing capacity are also covered in the course.

"To be successful, today's primary producers need to run the farm as a business. There is not enough profit in farming to leave the business side of things to chance," Mr Houghton said.

"Primary producers need to know how the business is actually performing. 

"If you have last year's tax return at home and would like to turn the numbers into valuable information, this course may be for you."

South East Local Land Services is offering subsidised places for this workshop, at a cost of $55 to participants, which will contribute to the cost of the workshop, morning tea and lunch. 

To register and for further information, please contact Rebecca Bradley, South East Local Land Services Braidwood on 02 4842 2594 or Chris Houghton on 0409 816 433.

Media contacts:

Rebecca Bradley
Senior Land Services Officer
South East Local Land Services
Telephone:  02 4842 2594
Email:  Rebecca.Bradley@lls.nsw.gov.au

Debra Thompson
Senior Land Services Officer (Communications)
South East Local Land Services
Telephone: 02 4224 9707

Email: Debra.Thompson@lls.nsw.gov.au