Primary Production Tax & Super Web Series 2023 Session 1
Recorded 26 April 2023. The key tax issues when managing a primary production business
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 26 April 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
We look at tax implications that arise in this area including:
- Determining whether a client carries on a primary production business
- Applying the non-commercial loss rules to primary production business losses
- Working with the specific trading stock rules for primary producers
- Special deduction rules for capital expenses incurred in relation to primary production business activities
- Options for dealing with income and profits generated from the forced disposal or death of livestock
- Applying the farm management deposit rules in practice
- When income averaging applies and how it works
- GST concessions on the sale of farm land
With Michael Carruthers
Michael Carruthers
Tax Director, Knowledge Shop
Michael is an adviser, author, in demand presenter, mentor to Knowledge Shop’s technical team, and is well known for his capacity to translate highly technical information into tangible and useable advice for the profession. He has a knack for seeing through the complexity and helping advisers work through highly technical issues with certainty and accuracy.
Michael works with advisers every day to help them negotiate and implement the constant tide of change impacting the industry. He was a long-term member of the advisory panel for the Board of Taxation and was a member of the reference group for the Board’s review of small business concessions.
He was also an expert panel member for the Board’s review of tax impediments facing small business.
Primary Production Tax & Super Web Series 2023 Session 1
Tax & Accounting
1.25 hours | 2 modules
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CPD Hours: 1.25 hrs
FS
SMSF
Tax Accounting
General