The range of amounts received by primary producers can vary significantly from year to year while characterising amounts received will generally depend on the nature of the receipts and the contractual arrangement.
This session provided guidance on the relevant taxation issues for:
- Primary Production Income – Recognising, classifying, smoothing, deferring, averaging and distributing a whole range of primary production income streams including disaster relief payments and carbon credit payments; and
- Non-Primary Production Income – The taxation of gravel, timber and water sales, wind turbine and solar farm receipts, mining compensation amounts, easements, carbon credit payments, conservation covenant amounts and other abnormal receipts.