An accountant and financial planner will this month share her insights into strategic and farm succession plans.
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Dianna Jacobsen grew up on a farm at Pleasant Hills in the southern Riverina region; she uses her experience of families departing the district due to financial hardship as her motivation to protect farming families' legacies.
For the last 30 years, Dianna has worked as a financial advocate and adviser alongside families to design and implement strategic and farm succession plans.
This month, she will share her expertise at a two-day financial management workshop in Crookwell during Sheep Week at the Australian Agricultural Centre.
"This will be a workshop that anyone can learn from and take the benefits back to their business, be it farming, shearing, contracting, or other personal or small business applications, particularly younger people eager to establish solid financial foundations," Dianna says.
There will also be an evening session on succession planning and an opportunity for Dianna to answer questions from the audience. Dianna urges caution when writing legal documents to ensure succession planning documents are protecting the family's legacy and livelihood.
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"We are seeing families lose the farm because the first expense after inheriting the farm is a stamp duty impost that they can't climb over. Wills can incur stamp duty and capital gains tax that amount to $1 million for the average farm," she says.
"People tend to think that family farms are exempt, but there is only an exemption if all documents are very carefully written, from a legal and financial perspective. It's tragic and avoidable."
Dianna has been engaged by NSW Farmers, VFF, Rabobank, and other rurally-based banks and organisations, including the Australian Agricultural Centre.
Tickets are available via TryBooking. The price of the ticket is tax deductible. The financial planning two-day course is $295. The course will be held at the Crookwell Showground Pavilion on Thursday, August 31 and Friday, September 1. Morning tea, lunch and afternoon tea provided. Finance evening session costs $25. This event will be held at the Crookwell Showground Pavilion on Thursday, August 31 from 7:30pm.
The workshop will cover: Financial management; literacy and empowerment; cashflow & (easy!) budgeting; debt structuring; tax entities; borrowing; superannuation; off-farm assets including rental properties; business practices; primary production - special considerations; marketing/delivery channels; self-preservation! (time management, well-being, family).
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