Author(s): Harry M RIGNEY Complex income tax and capital gains tax issues often bog down the restructuring of farming enterprises. This seminar paper explores these issues with respect to variations of partnerships, as well as changes from a partnership to an alternative trading entity and includes:
- the STS provisions and key issues associated with the changes
- the capital allowance issues, including rollover provisions
- the treatment of livestock, including rollover provisions
- capital gains tax issues.
This paper was also presented at the Agribusiness roadshow held in Toowoomba, Gold Coast, Sunshine Coast, Mackay, Townsville and Cairns in May 2004.
Transferring Primary Production Assets - GST and Duty Issues
Author(s): Mark MOLESWORTH This seminar paper explores the practical stamp duty and GST issues upon transferring primary production assets between related parties, including the specific concessions available for primary producers.
GST issues include:
- the supply of a going concern
- subdivided farm land
- residential premises
- registrations and input tax credits
- discretionary trusts.
Stamp Duty issues include:
- transfer of business provisions
- land-rich corporations.
Author(s): Norman KOCHANNEK Primary producers are facing difficult times, so it is
essential that all tax concessions available be used. This presentation gives a summary of the tax concessions and ATO pronouncements particular to primary producers including:
- farm management deposits
- BAS reporting choices for primary producers
- taxation for primary producers
- non-commercial losses
This was also presented at the Agribusiness roadshow held in Toowoomba, Gold Coast, Sunshine Coast, Mackay, Townsville and Cairns in May 2004.