For years, T3 Partners has stood as a pillar of support for Queensland’s agricultural sector, offering expert bookkeeping and BAS Agent services meticulously crafted for its unique demands. Managing finances in agriculture demands both agility and profound industry insight—qualities honed by T3 Partners through years of dedicated service. Excelling in navigating these complexities, we deliver tailored, efficient solutions that empower agricultural businesses to thrive.
This case study highlights how T3 Partners helped a banana and sugar cane farmer from Far North Queensland streamline financial processes, alleviate key pain points, and reclaim valuable time.
Client Overview
A family-owned agricultural business in Queensland, specialising in banana production and sugarcane farming, was struggling with complex financial compliance. With fluctuating seasonal income and multiple revenue streams, managing bookkeeping, BAS lodgments and payroll had become overwhelming.
Challenges
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Limited Time and Knowledge: Managing accounting systems and handling day-to-day bookkeeping tasks was time-consuming and outside the client’s expertise.
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Compliance Burden: Keeping up with BAS lodgements and other compliance reporting was challenging due to a lack of time and knowledge.
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Document Management: The farm needed to reduce paper filing and ensure all source documents were securely stored in an online environment and easily accessible.
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Complex GST Reporting: Tracking and managing GST on agricultural inputs, crop sales, and government grants required detailed and accurate reporting.
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Seasonal Workforce Compliance: Managing payroll, PAYG withholding, and superannuation for a fluctuating seasonal workforce added complexity.
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Fuel Tax Credits: Accurately tracking and calculating fuel tax credits for machinery and off-road use was difficult and sometimes time-intensive.
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Cash Flow Management: Seasonal income fluctuations made it challenging to maintain consistent cash flow and accurately forecast expenses.
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ATO Compliance Pressure: Missed BAS deadlines increased the risk of penalties and was causing ongoing stress.
Solution Provided by T3 Partners
The farm engaged T3 Partners, experienced bookkeepers and BAS Agents specialising in agricultural businesses. With a deep understanding of the industry’s unique challenges, T3 Partners implemented tailored systems and processes to improve accuracy, enhance compliance, and streamline financial reporting.
Actions Taken
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Cloud-Based Document Management: Implemented a cloud-based platform to automatically collect, organise, and securely store financial documents, reducing paper filing.
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Digital Bookkeeping System: Took over bookkeeping tasks and GST reporting by setting up a digital system to track input costs, equipment purchases, and crop sales—ensuring accurate GST calculations and providing real-time financial insights.
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Integrated Document Storage: Linked the document management system with accounting software, ensuring every source document was attached to transactions for easy access and audit readiness.
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Collaborative Access: Invited the client’s accountant to both platforms, enabling seamless collaboration and simplifying the year-end reporting process.
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Advanced Crop Tracking: Implemented a system to track income and expenses across different crops, giving the business owner clear insights into the performance of each crop.
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Payroll System Overhaul: Established and managed a compliant payroll system to handle seasonal workers, PAYG reporting, and superannuation obligations.
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Payroll Processing Support: Took over payroll processing, freeing up the business owner’s time to focus on farm operations.
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Maximised Fuel Tax Credits: Applied accurate fuel usage tracking methods, ensuring the farm claimed the maximum eligible fuel tax credits.
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Cash Flow Insights: Provided monthly reports and cash flow forecasting to support better planning for seasonal expenses and other liabilities.
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BAS Compliance Management: Took full responsibility for BAS preparation and lodgement, ensuring on-time submissions and minimising the risk of ATO penalties.
The End Result
As a result of partnering with T3 Partners the farm now operates with an online filing system and a new cloud-based accounting platform. This ensures all financial records are securely stored and easily accessible. With accurate and timely BAS lodgments, the farm achieved 100% on-time submissions avoiding late penalties and maintaining ATO compliance. Improved record-keeping processes also enabled the farm to maximise fuel tax credit claims, while the overhauled payroll system ensures accurate employee payments and superannuation contributions, protecting the business from potential penalties and SG charges.
If you need help streamlining your agricultural business operations, please contact us to see how we can help.