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Primary Production Tax & Super Web Series 2023 Session 2

Recorded 3 May 2023. Superannuation and retirement solutions for primary producers

Determining if clients carry on a primary production business
Utilising the concessions only available to primary producers
Practical issues to consider when working with primary producers

Recorded 3 May 2023

Farming, fishing and felling – these are some of the activities that can be classified as a primary production business for tax purposes. When clients are involved in a primary production business, there are a range of unique tax and superannuation issues that need to be considered and managed.

The Primary Production Tax & Super Web Series explores the most common tax and superannuation/retirement issues that clients face when carrying on a business of primary production.

There are a number of concessions in the income tax and GST systems that are only available to primary producers and it is important that advisers are aware of what might be available to clients. From averaging rules, faster write-off rates for capital expenditure and farm management deposit provisions, the tax outcome for primary producers can be significantly different to other business operators.

The superannuation system provides some unique opportunities for primary producers. Many primary producers will also be eligible for small business CGT concessions which provide retirement opportunities over and above the standard contribution caps.

Total 1.25 CPD Hours

Session 2

We look at superannuation and retirement solutions for primary producers including:

A detailed case study on how superannuation contributions and pensions can be maximised when primary producers sell up and move off the land
Understanding the small business CGT provisions that relate to superannuation
Determining eligibility for Downsizer contributions on the main residence portion of the farm
Working through the business real property and related party rules as they relate to primary production
Understanding the Centrelink nuances that are available for primary producers in situations of hardship or retirement

With Jason Hurst

Jason Hurst

Technical Superannuation Adviser

Jason is an experienced commentator, presenter and writer on superannuation and retirement. He specialises in breaking down complex technical concepts for professional advisors and their clients.

He has over 20 years’ experience in the wealth and retirement sectors, working with accountants and advisers to build their technical skills in superannuation, retirement, Insurance, social security and age care, and enjoys helping to provide the tools to articulate these concepts in a simple and easy to follow way to clients.

Jason also works with the Financial Advice Association Australia (FAAA) as a subject matter expert for the CFP Capstone certification and a technical student mentor to those undertaking the CFP courses.

He has a Bachelor of Economics from the University of Newcastle, is a SMSF Specialist Advisor, and holds the Certified Financial Planner (CFP) designation.