Tax Issues for Primary Producers
A look at the special tax rules for farmers and other primary producers.
Aug 22Wed 1:00 PM AEST - Wed 2:00 PM AEST Online
- $180.00 incl. GST
- PD hours: 1
Primary producers are the backbone of the regional and rural economy. Recognising the unique economic, environmental and climate issues faced by primary producers, a number of unique tax concessions have evolved that apply only to primary industries. These are explored in detail in this webinar which will cover:
• What is (and is not) a primary production business?
• How does income averaging work?
• Deferring income
• Using the Farm Management Deposit Scheme to assist with cash flow management
• Special deductions for primary producers
• Applying losses from primary production
• Employing working holidaymakers
• Depreciation concessions for capital expenditure
• Applying CGT and the small business CGT concessions to succession planning
• Unique GST issues for primary producers
Webinar Learning Outcomes:
Participants will gain a detailed understanding of the special tax issues that relate to primary production businesses and the special tax concessions that are available to help manage those issues. Participants will also understand how other widely available tax concessions (like the small business CGT concessions) can be applied to primary producers.
Tax and accounting professionals and business advisers who deal, or expect to deal, with clients in the primary production sector, including farming, horticulture, forestry and fishing. Ideal as an introductory and intermediate level overview of the key issues to discuss when advising primary production clients.
Mark Chapman has over 25 years experience as a tax professional in both the UK and Australia, specialising in tax for small business and individuals. He is a member of the Institute of Chartered Accountants in England and Wales, the Chartered Institute of Taxation and is a fellow of CPA Australia. He holds a Masters of Taxation Law with the University of New South Wales.
Since 2015, Mark has been Director of Tax Communications with H&R Block Australia. He writes regularly on tax issues for numerous media outlets and presents on topical tax topics at seminars and other events. He broadcasts frequently on radio and television and writes a regular column for Money Magazine and Yahoo7 Finance. As a tax practitioner in the UK, he occupied a number of senior positions before moving to Australian in 2007 to join the Australian Taxation Office (ATO) as a senior director. He is the author of “Life and Taxes: A Look at Life Through Tax”, published by CCH Wolters Kluwer in July 2017 and is a regular presenter of tax focused webinars for CCH Learning.
You will be provided with:
• PowerPoint Presentation slide deck
• Any Supporting Documentation
• Webinar Recording to view multiple times for up to 6 months
• An opportunity to ask questions to the presenter
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