Tax Planning for Primary Industry - Recording

By their very nature, primary producers encounter a number of different taxation treatments compared to the usual taxpayer.

Overview
> As the impact of climate change gives rise to more frequent extreme weather events, the concessions contained within the taxation legislation are increasingly relevant to assis the primary producer keep the business operating.

> With the greater potential water trading and carbon sequestration rights, traps exist where primary producers may unwittingly realise capital gains, or fail to recognise concessions that may be available.

> Primary producers often incur significant capital expenditure on landcare operations and water facilities, explore the application of the legislative provisions allowing immediate or accelerated deductions for these types of capital expenditure.

> Explore the tax treatment arising from the forced disposal or death of livestock, as well as the taxation treatment of abnormal income arising from livestock, including insurance recoveries for the loss of livestock and the accelerated receipt of income arising from an early wool clip.

Session highlights

Explore the following areas of opportunity for your primary industry clients, including:

> Deductible capital expenditure
> Application of small business CGT concessions
> Non-commercial loss rules
> Fuel tax credits
> Farm Management Deposits