Home' NZ Dairy Farmer : May 2010 Contents 20 The Dairyman MAY 2010
AFINANCIAL seminar was held in
Matamata recently to ensure people
had the right information to move
onwards and upwards in their careers.
Numbers quadrupled last year with people
requiring the services of Matamata
Household Budget Advisory Service so
advisors organised the Onwards and
Upwards free financial seminar aimed at
people in the rural industry progressing from
wages to self-employment.
Co-ordinator Ida van Heuven said they
became concerned with the rise in self-
employed people who had "tipped over".
"People who got into their second or third
season of sharemilking and hadn't put aside
money for tax and GST and their bills kept
piling up," she said.
"Probably due to a bit of naivety they did-
n't realise what was taxable or not and were
ending up with huge GST bills that were not
She said the aim of the day was to stop
people "falling over" and make sure they had
the right information to take home and keep
them moving forward in their career.
"It is important to set goals and have a plan
and work out a path to follow but more
important is for people to be prepared to
review and alter their plans if the situation
Craig Taylor, from Candy Gillespie
Accountants, said 80 per cent of businesses
failed within the first five years because of
lack of planning, bookkeeping accounting
and financial advice and that people should
never be too proud to ask questions of "those
wiser than you".
"It is critical that people develop a system
that works for them and not just a shoe box,"
"Ask for help and make time to work on
your business as well as in it."
Carol Boaler talked about IRD and its
online services and how to navigate the web-
site and register for its services online.
She also spoke about the benefit of a sim-
ple three-step system for paperwork. Place
in a file tray, input in a simple cashbook then
file in a folder.
David Parker, from Edmonds Marshall
Solicitors, discussed the legal structures for
holding and running a business and the
importance of contracts being recorded prop-
erly in writing.
He spoke about the advantages and disad-
vantages of partnerships, sole trading, com-
panies, joint ventures, equity farming, share-
holders agreements, limited partnerships and
"Involve appropriate professionals at an
early stage including a lawyer, accountant
and a farm advisor," he said.
Mr Parker said in regards to sharemilking
agreements, people should seek advice; they
should be in writing with every section com-
pleted and people should make sure the two
originals match each other and take care
regarding the percentages so appropriate
value of production is shared between farm
owner and sharemilker.
Phil Sherwood shared his story about their
family tragedy and subsequent advice to sell
up the family farm. On seeking alternative
advice and with professional help from
lawyers, accountants and farm advisors they
have kept the farm and progressed.
Farm advisor Tony Prince said it was
important people take the time to understand
the changes that come from getting a fort-
nightly pay to becoming self-employed.
He advised people to "do their homework"
and reference check the employer.
"It seldom happens but it is very important
-- they are not all good but there are some
very very good ones out there and you will
go places with the right people," Mr Prince
"They reference check you -- do the same
He said it was important to get as much
physical background information on the farm
"Look at the cowshed - how big is it? How
many rows? Milking times, farm infrastruc-
ture, races and water supply - what are the
calving dates and spread?"
He advised people to take their time and
work through the information and said budg-
ets were only as good as the figures put in
"Know the job you are going to and the
cost structure involved."
Peter McCraith, from Rabobank also
spoke followed by Wayne Berry from
DairyNZ who urged people to read the budg-
eting fact sheets on the DairyNZ website and
check out their quick cash budgets and live
Mrs van Heuven said they had expected
more people to attend with 130 having regis-
tered but the feedback had been positive.
"We wish to thank everyone who helped
make the day possible and those who attend-
ed," she said.
"We hope it was beneficial and enjoyed by
The major sponsors of the day were
Matamata Veterinary Services and Fonterra.
Onwards and upwards the call
By RACHEL MCNAUGHTON
Wanda Willis, assistant co-ordinator; Ida
van Heuven co-ordinator; and Wendy
Rowe budget advisor.
photo: Rachel McNaughton
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