Published on 19 Mar 2013
| Took place at Intercontinental Adelaide
Australia's various primary production industries have continued to show resilience in the face of a high Australian dollar, ever-changing weather patterns and the constantly shifting demands of the global marketplace. Agribusiness - already pivotal in the national and South Australian economies - is only likely to become of greater significance as Australia, with its leading farm technology and exceptional standards for quality and consistency, aspires to become the food bowl of Asia.
With strong growth in many sectors, clients are inevitably turning to their professional advisers for increased strong support - not only to navigate a safe path through the numerous tax traps - but to identify opportunities for forward planning and future growth.
This dedicated agribusiness seminar accommodated these changes and covered the following topics:
maximising your clients' income opportunities
structuring issues for commercial fishing and aquaculture
wine equalisation tax
trading stock - don't get hurt
Get a 20% discount when you buy all the items from this event.
Your clients contact you asking how to negotiate with a large energy company wanting to install wind turbines on their land. Another client has received correspondence from a mining company seeking to obtain their permission to the granting of exploration rights. Yet another client has been approached by a property developer and is considering re-zoning and subdividing one of their surplus coastal farm land into beachside allotments.
This paper considers the increasing trend of primary production landowners to be involved in transactions with large corporations in the E&R and property development industries. It works through a number of case studies addressing the specific commercial and tax issues arising from transactions of this kind.
Specific topics covered include:
taxation treatment of land access rights, easements, profit aprendres
nature of gain or profit - revenue or capital and do any concessions apply?
when does a farmer become a property developer for tax purposes - how to strategise for optimal outcomes
does my client transfer the land to an optimal structure prior to thetransaction - what are the costs and benefits?
Structuring issues for commercial fishing and aquaculture
This paper works through a number of issues that arise when structuring or restructuring a commercial fishing or aquaculture business.It works back from the general legislative framework and then considers the specific taxation issues.
Specific topics covered include:
legal nature of fishing licences, allocations, quota and other statutory fishing rights
declarations of trust - CGT and stamp duty
specific CGT, GST and stamp duty issues to consider when restructuring
optimal structures to meet the principals commercial and succession planning objectives.
On 19 September 2012 the Government introduced into Parliament amendments to the A New Tax System (Wine Equalisation Tax) Act 1999. The amendments were introduced, passed and received Royal Assent (in December 2012) with a view to ensuring that a wine producer is not entitled to the wine equalisation tax (WET) producer rebate on wine that has already had a WET producer rebate claimed on it. This issue,particular to blending arrangements, is one which has recently been at the forefront of the Commissioner’s and Treasury’s mind in the context of the WET rebate; other issues including the application of the “associated producer” provisions and perceived uncommercial arrangements being entered into with a view to take advantage of the WET rebate.
This paper focuses on ensuring that attendees walk away with:
a detailed understanding of the recent changes to the WET rebate and the impact on their clients
an understanding of the WET Grouping provisions and how these apply within Family Groups
what to expect if (when?) an ATO auditor comes calling.
Your clients agribusinesses are getting more complex every year especially in relation to trading stock. Many hold trading stock over multiple periods and often apply it for different uses. Yet many only understand their business decisions on the basis of cash in and out. These changes present the tax practitioner with more challenges than ever. This paper considers how to apply the trading stock provisions in this ever changing environment.
Specific topics include:
trading stock provisions generally
what is stock “on hand” – not as straight forward as you think
extensions to and departures from the basic definition of trading stock
how to handle “uncertain future use”
disposals of trading stock not in the ordinary course of business