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Commencing a business of primary production

Publication date: 01 Apr 98 | Source: NATIONAL ACCOUNTANT

Issue: Vol 14 No 2

Pages: pp. 20-22

Abstract:
The ATO has in the past couple of years instigated a number of projects in different parts of Australia with a view to ensuring that taxpayers who are not primary producers cease claiming primary production losses in their income tax returns. One of the major difficulties facing both the ATO and taxpayers is determining exactly when a person is carrying on a business of primary production. This article provides clear guidelines on the criteria for determining when a business of primary production commences.

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Author profile

Thomas Delany CTA
Tom Delany, CTA, is the principal of Tax Partner Pty Ltd, which provides tax training, and tax consultancy services to accounting and legal firms including a wide range of tax advisory services such as high-level tax planning in addition to preparing tax advices, private ruling requests and objections on a variety of tax related topics. Tom holds a Master of Taxation from the University of New South Wales, a Bachelor of Business (with Distinction) from the University of Southern Queensland, is a FCPA, FIPA, Chartered Accountant, Tax Agent and a Chartered Tax Adviser. - Current at 12 November 2018
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