A point in time arrives when the ownership of the farmland and the business assets including trading stock and depreciating assets must change and naturally this brings with it substantial tax considerations. This presentation provides guidance on strategies that can be employed to optimise tax outcomes and maximise commercial returns. Topics covered included:
- Tidying up balance sheets (commercial debt forgiveness), Division 7A and commercial arrangements prior to the transfer of ownership
- Identifying specific tax measures (roll-overs, small business CGT concessions, trading stock and depreciation rollovers/elections, etc) to be considered across a range of primary production assets when a change of ownership occurs (restructuring/sale) including moving from a partnership to a trust or from a trust to a company, transferring to the next generation and a straight sale; and
- Dealing with the tax issues arising on the change of ownership as a result of a major life event such as ill health, death or relationship breakdown.