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Primary Concerns

Published on 31 Oct 2003 | Took place at Cottesloe Beach Hotel, Cottesloe, WA

Professional advisers specialising in primary production have arguably been the black sheep of the tax profession with a dearth of quality seminars specific to primary producers.

These seminar materials redress that with a series of presentations pertinent to those advising on tax issues relevant to primary producers.

Whether you work predominantly with Primary Producers or simply wish to refresh your understanding of key issues, these materials will provide an abundance of practical and technical information at a level justified by the complexity of the issues which you deal with on a daily basis.

Get a 20% discount when you buy all the items from this event.

Individual sessions

Restructuring Primary Production Enterprises

Author(s):  Roger SULLIVAN The restructuring of farming enterprises is often bogged down by complex income tax and capital gains tax issues.

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 seminar paper provides a technical understanding of the key issues and supports this with workshop style examples.

Materials from this session:

Transferring Primary Production Assets - Stamp Duty and GST

Author(s):  Adam LEVIN Advisers are often consulted on the income tax and CGT implication of transactions, but not the resulting stamp duty and GST implications. 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
- agistment
- registrations and input tax credits
- discretionary trusts

Stamp Duty issues include:
- farming property exemptions
- land-rich corporations
- losses
- partition of property
- stamp duty
- review of the recent amendments and proposed amendments to the Stamp Act.

Materials from this session:

Tax Treatments of the Sale of Grain

Author(s):  Paul HANSEN Options available to Primary Producers for the sale of grain continue to grow as new products and new players come into the market. This presentation explores the tax treatment of the various options available, including:
- non loan sale of wheat
- AWB wheat loans
- choices available from AWB Limited, banks and Aus Bulk
- tax treatment of AWB loans
- GST treatment of AWB loans
- AWB RCTI access to web records
- the income tax treatment of the AWB basis pool
- correct tax treatment of grain future trading.

Materials from this session:

Tax Issues Exclusive to Primary Producers

Author(s):  Paul HANSEN Primary Producers are facing difficult times, so it is essential that all tax concessions available are used. This presentation gives a summary of the tax concessions particular to primary producers including:
- primary production - wheat sales and tax treatment thereof
- farm management deposits
- BAS reporting choices for primary producers
- taxation for primary producers
- non-commercial losses
- uniform capital allowances or simplified tax system
- Landcare
- salinity
- Government benefits - diesel fuel rebates
- averaging.

Materials from this session:

Winding Up of Land Rich Companies

Author(s):  Peter MANOLAS Traditional farming enterprises often include a land rich company within the structure. This seminar paper summarises the income tax and capital gains tax issues upon the voluntary winding up of these companies, including the treatment of dividends and the impact of CGT small business concessions.

Materials from this session: