This on-demand session is available to watch instantly after purchase at the time of your choosing and will expire within 12 Months of purchase.
Date recorded: November 2023
Join Tom Delany in this 3-part series as he provides an in-depth analysis on the primary production.
Primary production is a strong contributor to the Australian economy and plays a key role in the social, economic and environmental sustainability of regional Australia.
To ensure that agribusiness operations achieve sustainable growth and optimum commercial outcomes, primary producers rely on relevant professional accounting and tax advice.
Primary Production topics explored in detail:
Receipts
- Recognising, classifying, smoothing, deferring, averaging and distributing primary production income streams.
- The taxation of irregular receipts – gravel – timber – water – mining compensation – easements – carbon credits – conservation covenants – wind/solar farms, etc.
Expenses
- Review the tax principles associated with the sale or purchase price of an agricultural property;
- Identify issues when determining the deductions available for capital outlays on assets under Subdivisions 40-F and 40-G depending on whether the items are new or second hand;
- Explore primary producer being classified as a ‘small business entity’
- Review the non-commercial loss rules
Disposing of Assets - The Capital Gains Tax Issues
- Understanding the impact of tax on the disposal or transfer of assets
- Review the operation of the small business CGT concessions and the application of CGT to the disposal of primary production assets and other intangible assets.
- The maximum net asset value test.
Benefits and Learning Outcomes:
To provide participants with an advanced understanding of the tax issues applicable to primary producers and their business operations.
Recommended For:
Accountants, lawyers and tax professionals with responsibility for the taxation affairs of primary producers.
Meet your speaker: Tom Delany
Tom is the principal of Tax Partner Pty Ltd, which provides tax training, and tax consultancy services to accounting and legal firms including a wide range of tax advisory services. Tom holds a Master of Taxation from the University of NSW, a Bachelor of Business from the University of Southern Queensland, is a FIPA, Chartered Accountant (FCAA).
