Sunshine Coast Region, Queensland
Accountant in Palmwoods
A good season set aside for a lean one, and super caps that don't have to go to waste
Cash flow, tax planning and individual returns for Palmwoods growers, small businesses and households, from a CPA practice.
Palmwoods began as Merriman Flats, named by the Kuskopf family in 1881, and took its present name from the Piccabeen Palm groves when the railway station opened in 1891. Pineapple growing remains the most important primary industry in the area. The town is 8.4 km south of Nambour, and in the 2021 Census it had 6,357 residents, up from 5,492 in 2011.
A railway and tramway town
Palmwoods in the record and the 2021 Census.
Palmwoods Provisional School opened on 21 October 1889. From 1915 to 1935 the Palmwoods-Buderim tramway carried passengers and goods up to Buderim, and it is now on the Queensland Heritage Register. Eudlo Creek National Park protects habitat in the south-east of the locality.
In 2021, 90.4% of occupied homes were separate houses, 42.1% were owned with a mortgage and 32.7% were owned outright, with median monthly repayments of $1,878. The median age was 43 and median weekly household income $1,738. Professionals were 19.5% of employed residents, Technicians and Trades Workers 15.9% and Managers 12.9%, and 50.5% of the labour force worked full-time.
Growers and households: three things to plan for
Smoothing income with a farm management deposit
Why it happens
A crop can bring a strong year followed by a weak one, and tax is assessed on each year's income as it falls.
Why it matters
A farm management deposit lets an individual primary producer set aside pre-tax income in a good year and draw it in a later one. The owner must be an individual, not a company or trust, and taxable non-primary production income must be $100,000 or less in the year of the deposit. The minimum deposit is $1,000, the total held at any time can't exceed $800,000, and no part can be repaid within 12 months unless a natural disaster or severe rainfall deficiency applies.
How we help
More than just lodging on time, we help you plan ahead, optimise your position, and avoid surprises. Ask your bank which of its accounts are approved for farm management deposits.
Cash between harvests
Why it happens
Costs for fuel, wages, fertiliser and repairs run all year, while sales come in when the crop is picked and sold.
Why it matters
Without a forecast, a quarter with high costs and little income can arrive with a BAS and a loan repayment due at the same time.
How we help
Lomandra Accounting offers cash flow forecasting, KPIs and virtual CFO sessions to manage pricing and growth. We work with you to understand your goals and help shape the future of your business and personal wealth.
Catching up on super contributions
Why it happens
A household paying off a mortgage may contribute little extra to super for several years, then have room to add more.
Why it matters
The concessional contributions cap was $30,000 from 1 July 2024 to 30 June 2026 and is $32,500 from 1 July 2026. If your total super balance was under $500,000 at 30 June of the previous year, you can use unused cap amounts from up to 5 earlier years, oldest first; each unused amount expires after 5 years.
How we help
We also keep an eye on how decisions made this year can affect future years. Check your total super balance at 30 June in myGov before you plan a larger contribution.
Frequently asked questions
What is a farm management deposit?
A deposit an individual primary producer can make from pre-tax income in a good year and claim as a deduction, then withdraw in a later year when it is taxed. It must stay in for at least 12 months.
Who can open a farm management deposit in Palmwoods?
An individual carrying on a primary production business whose taxable non-primary production income is $100,000 or less in the year of the deposit. Companies and trusts can't hold one.
Can I use unused super caps from earlier years?
Yes, if your total super balance was under $500,000 at 30 June of the previous financial year. Unused concessional cap amounts can be carried forward for up to 5 years.
What is the concessional contributions cap now?
$32,500 from 1 July 2026. It was $30,000 for the two years before that.
Where to next
Have a question?
Plan the year ahead
Clear, timely insights for confident decisions.
Lomandra Accounting is a CPA Practice, registered with the Tax Practitioners Board and an SMSF Specialist. Emma, the Director, is a Certified Practicing Accountant (CPA) with extensive experience in commercial business management, and specialises in Self-Managed Super Funds (SMSFs).
- 07 5234 9201
- admin@lomandraa.com.au
- Sunshine Coast, QLD
- Monday to Friday, 9am to 4:30pm