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Mulcahy & Co Agri Services

Ag Consultants

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  • Who are we?

    Mulcahy & Co Agri Solutions is part of the Mulcahy & Co group.
    We are focused on helping farmers achieve financial security.
    The Agri Solutions team have been around farming all of their lives.
    We have partnered with Xero and Figured to provide farmers with the tools necessary to take control of farm financial management.

    We also specialise in farm succession planning, farm asset protection, farm accounting and farm tax planning. Go to our Help Centre section for more information.

    Why we help farmers?

    The business of farming has changed and will continue to change.
    You need to be very good at what you do to survive and prosper long term.
    A key to your farms success is real time financial reporting.

    Farm bookkeeping, farm cashflow management, farm production analysis.
    Up to date information to assist decision making and control risk.
    Succession planning, farm expansion, equipment purchase, grain and produce marketing etc.

    Decision making starts with a sound understanding of your finances.

    How we help farmers?

    We have a team focussed on helping farmers:
       1) A dedicated Agri Solutions team.
       2) Xero and Figured – implementation, training and support of farm-specific financial management tools and technology.
       3) Service packages customised to your needs.
       4) Access to a complete range of specialists within the Mulcahy & Co group.
       5) On-farm meetings to fully understand and appreciate your situation.
       6) We work with your other service providers such as agronomists and bankers to achieve the best outcome for you.

    Check out our website here


    Blog - Have you heard about the changes the ATO have made to storage assets?

    Previously fodder storage could only be depreciated by a fast-tracked method if the asset was purchased for under $20,000 and you met the small business criteria.  The ATO has released new legislation which now means that assets used for fodder storage including; silos, above ground bunkers, storage tanks, and hay sheds, can now be fully depreciated in the year of purchase.

    The legislation specifies that this deducted is only available for storage purchased with main purpose of storing fodder for the farmer's own livestock and not predominately for trading of grains- although at this stage we are unsure how the ATO plan to track this!

    Have you recently purchased some on farm grain storage? You may still be eligible for this concession if the expense was either purchased:
       * On or after 19th of August 2018
       * Before 19th of August 2018 and it was first used or installed ready for use on or after 19th of August 2018

    For example, Farmer Smith who is a sheep producer needed to spend some money to increase his fodder storage for his sheep. A new silo was the purchased in July 2018 at a cost of $23,000 + GST. Due to the silo being purpose built, the silo wasn’t installed until after the 19th of August 2018. Farmer Smith is still eligible to claim the full purchase amount as a deduction in his 2018-19 tax return.
     
    Want to know what this could mean for your business? Get in touch with us!

    Check out our website here


    Blog - Family Business & Dealing with Conflict

    Conflict is a normal part of any business, particularly a family business.  If unresolved conflict can be very destructive emotionally and financially.
     
    A key to business and family success is to understand that conflict is a normal part of business and life.  To reach full potential and deal with the emotional aspects, a structured approach to conflict situations is required.
     
    Also refer to our flyer titled Farm Planning: Family and Business Dealing with the Issues.

    The Thomas-Kilmann Conflict model (TKI) was developed to provide a framework for a person to assess their personal behaviour in conflict situations. A conflict situation is where the concerns of two people appear to be incompatible and difficult to resolve.  In these situations the person’s behavior is described along two basic dimensions:
       * assertiveness - the extent to which the individual attempts to satisfy his or her own concerns, and
       * cooperativeness - the extent to which the individual attempts to satisfy the other person’s concerns.

    These two dimensions of behavior can be used to define five methods of dealing with conflict as described in this diagram and further below.
    Picture
    Avoiding
    Avoiding is unassertive and uncooperative. When avoiding, an individual does not immediately pursue his or her own concerns or those of the other person. He or she does not address the conflict. Avoiding might take the form of diplomatically sidestepping an issue, postponing an issue until a better time, or simply withdrawing from a threatening situation.
     
    Competing
    Competing is assertive and uncooperative, a power-oriented mode. When competing, an individual pursues his or her own concerns at the other person’s expense, using whatever power seems appropriate to win his or her position. Competing might mean standing up for your rights, defending a position you believe is correct, or simply trying to win.
     
    Accommodating
    Accommodating is unassertive and cooperative—the opposite of competing. When accommodating, an individual neglects his or her own concerns to satisfy the concerns of the other person; there is an element of self-sacrifice in this mode. Accommodating might take the form of selfless generosity or charity, obeying another person’s order when you would prefer not to, or yielding to another’s point of view.
     
    Compromising
    Compromising is intermediate in both assertiveness and cooperativeness. When compromising, the objective is to find an expedient, mutually acceptable solution that partially satisfies both parties. Compromising falls on a middle ground between competing and accommodating, giving up more than competing but less than accommodating. Likewise, it addresses an issue more directly than avoiding but doesn’t explore it in as much depth as collaborating. Compromising might mean splitting the difference, exchanging concessions, or seeking a quick middle-ground position.
     
    Collaborating
    Collaborating is both assertive and cooperative. When collaborating, an individual attempts to work with the other person to find a solution that fully satisfies the concerns of both. It involves digging into an issue to identify the underlying concerns of the two individuals and to find an alternative that meets both sets of concerns. Collaborating between two persons might take the form of exploring a disagreement to learn from each other’s insights, resolving some condition that would otherwise have them competing for resources, or confronting and trying to find a creative solution to an interpersonal problem.
     
    How are the Five Handling Conflict Modes Used?
    We are all capable of using each of the five conflict handling modes depending on the situation.  There is generally no single, rigid style of dealing with conflict however an individual may use some modes better than others.
     
    Use productive conflict solving strategies such as:
       * Openness – state your feelings and thoughts openly
           ** React openly
           ** Own your thought and feelings
           ** Address the issues.  Don’t attack the person
       * Empathy – put yourself in the other person’s shoes
       * Supportiveness – describe the behaviours with which you have difficulty
           ** State your position tentatively – demonstrate flexibility and willingness to change
       * Positiveness – capitalise on agreements
           ** Express positive feelings about the other person
           ** Be positive about the prospect of conflict resolution
       * Equality – treat the other person as an equal
           ** Give each other equal time
           ** Express respect for the inevitable differences
     
    As always, prevention is better than cure.  This means having a structure and process in place to enable open communication. Also refer to our flyer titled Farm Planning: Family and Business Dealing with the Issues.
     
    We offer a free no obligation meeting to review your situation. Call us today on 1300 204 781 and take advantage of this valuable offer.

    Rachael Trickey is a Partner and Agribusiness Consultant at Mulcahy & Co Agri Solutions and can be contacted on 0401 645 968 or rachael@mulcahy.com.au
     
    Bronte Gorringe is an Agribusiness Consultant at Mulcahy & Co Agri Solutions and can be contacted on 0401 882 374 or bronte@mulcahy.com.au

    Check out our website here

    Blog - Rising Interest Rates -  Here's what to do.

    The Reserve Bank of Australia (RBA) has announced its official cash rate will remain unchanged at 1.5 per cent for the 23rd consecutive month.
     
    Interest rates will increase.  If the RBA does not move, banks will most likely start increasing rates in response to offshore funding costs.  So the message is prepare for future rate hikes. 
     
    How should you prepare?
     
    The obvious answer is fix all or a portion of your debt.
     
    The problem with this strategy is the difference between variable and fixed rates.  This gap has widened and will continue to do so.  If you didn’t lock in fixed rates around February 2016, you have been better off staying variable.
     
    That’s the past, what about the future?
     
    As mentioned above rates will increase irrespective of the RBA moving.  The premium to lock in is somewhere between 1% and 1.5%.  For this example let’s say 1.25%.
     
    If your debt is $1 million, the ‘insurance premium’ to lock in is $12,500 per annum.
     
    At what point would it have been beneficial to fix?
     
    If you can 'bank' the saving from staying on variable and use this to pay the additional interest rate when rates increase, how long will that last?
     
    To use our calculator to see the ‘tipping point’ of fixed versus variable, enter your details here.
     
    Personally I think if you have not fixed by now the horse has bolted and the ship has sailed etc etc.
     
    The key is maintaining a low variable rate.
     
    This is achieved by providing the bank with information that will reduce the risk of the bank lending money to you.
     
    An interest rate is made up of the cost of funds and the risk margin.  The risk margin is normally somewhere between 1% and 4%.
     
    The risk margin is determined from your financial position.  Unfortunately most bankers take this from your financial statements and taxation returns.
     
    If your accountant is doing their job properly, the financial statements and tax returns don’t necessarily paint a positive picture of your financial results.
     
    This information is tax driven rather than driven by financial performance.
     
    To reduce your bankers deemed risk of you and therefore the variable interest rate, relevant financial information needs to be provided outlining equity, production and cashflow data.
     
    This information is not only useful for your bank but will immediately be a measurement for you to assess the performance of your farm business.
     
    This is a win win for farmers.  1.  A lower interest rate and 2. Better information for decision making.
     
    Contact us to find out how.  

    Rachael Trickey is a Partner and Agribusiness Consultant at Mulcahy & Co Agri Solutions and can be contacted on 0401 645 968 or rachael@mulcahy.com.au
     
    Bronte Gorringe is an Agribusiness Consultant at Mulcahy & Co Agri Solutions and can be contacted on 0401 882 374 or bronte@mulcahy.com.au

    Check out our website here

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  • Listed on: Dec 07, 2018
  • Listing No.: 34 (239 views)


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