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Primary production - issues to consider for farming clients paper

Published on 23 Nov 06 by SOUTH AUSTRALIAN DIVISION, THE TAX INSTITUTE

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.

Author profile:

Barbie Chiro CTA
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 Click here to expand/collapse more articles by Barbie CHIRO.
 
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