Published on 18 Mar 05
by NATIONAL EVENTS, TAXATION INSTITUTE OF AUSTRALIA
Whether developing a vineyard, running sheep or cattle, planting seeds or growing trees, there are always tax issues to consider. This paper gives an update on recent primary production changes and revisits issues that continue to plague the primary producer. Topics reviewed include:
- derivation and timing of income
- capital deductions (including new grapevine rules)
- CGT including water licences, wine labels, intellectual property
- pre-CGT land/post developments and effect of balancing charges
- Division 35
- product rulings and Part IVA exposure post Hart
- GST on sale of farming operations
- an overview of duty concessions in all states/territories.
Barbie Chiro FTIA is National Tax Partner at Walker Wayland. Barbie specialises in taxation planning and advice for small business. Her main areas of interest are in matters relating to capital gains tax, trusts, superannuation, and business succession planning.
Current at 20 August 2008 Current at 16 September 2008
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