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Primary Production - Issues to Consider for Farming Clients

Published on 23 Nov 2006 | Took place at Holiday Inn Adelaide , SA

This session led practitioners through the maze of issues that need to be addressed when advising clients who engage in primary production. From income derivation to finding assistance to help through lean times due to drought, the topics covered provided a handy checklist of matters that should be used by anyone advising clients who make their money from the land. As well as an overview of the law, practical examples are examined to highlight the myriad of tax issues that need to be addressed.

Individual sessions

Primary production - issues to consider for farming clients

Author(s):  Barbie CHIRO

This paper will lead practitioners through the maze of issues that need to be addressed when advising clients who engage in primary production. From income derivation to finding assistance to help through lean times due to drought, the topics covered provide a handy checklist of matters that should be used by anyone advising clients who make their money from the land. As well as an overview of the law, practical examples are examined to highlight the myriad of tax issues that need to be addressed, including:

  • what is primary production?
  • derivation and timing issues
  • capital deductions
  • CGT and primary production assets
  • non commercial losses
  • wine producer rebate
  • GST and farms
  • diesel fuel rebate system
  • stamp duty concessions
  • farm management deposits
  • farm assistance packages.
Materials from this session: