Setting up the business and getting help

Some paperwork has to be done before the stock arrive. Start a few months early, because some steps take time. Rules differ between states, so check with your own state's agencies. Here's a starter list, based on NSW.

Before you buy stock

• Business structure. You might trade as a sole trader, partnership, company or trust. Each one has different tax and legal effects. Talk to an accountant and a solicitor before you choose.
• ABN. An ABN is an Australian Business Number. You apply online through the Australian Business Register. Not everyone is entitled to one. The ABR may ask for evidence that you've started, or taken steps to start, your business.
• GST. Ask your accountant whether you need to register for GST, the tax on most goods and services.
• A separate bank account. Put every farm sale and bill through it. It keeps the books clean and shows the farm's own cashflow.
• PIC. A PIC is a Property Identification Code. In NSW, every property where livestock are kept needs one, even if the animals are pets. Local Land Services assigns them. Ring 1300 795 299.
• LPA. Livestock Production Assurance is the red meat industry's on-farm assurance program. You need LPA accreditation to get National Vendor Declarations (NVDs) for cattle, sheep and goats. An NVD is a legal document that goes with stock when they move. It records their food safety and treatment status. Integrity Systems Company says the fee is $90 plus GST. From 1 September 2026, you must also upload or create a farm biosecurity plan.

When stock move

Integrity Systems Company says every time livestock move off a PIC, the move must be recorded on the NLIS database within 2 days. NLIS is the National Livestock Identification System, which tracks stock between properties. That includes moves between properties you own.

Keep records

business.gov.au says most business records must be kept for 5 years. Keep sales, costs, bank statements and stock records. A stock record is a running count of animals bought, born, sold and died.

Where to get help

• An accountant who works with farmers for structure, tax and GST.
• A solicitor for leases and agreements.
• Local Land Services for your PIC and biosecurity advice.
• The NSW Young Farmer Business Program for free toolkits.
• The Rural Financial Counselling Service for free, confidential help if you're in or at risk of financial hardship. Ring 1300 771 741.

Our farm business setup checklist has the full tick list. Once you're trading, the monthly money routine keeps the books on track.