Whether developing a vineyard, running sheep or cattle, planting seeds or growing trees, there are always tax issues to consider. This presentation gives an update on recent primary production changes and revisits issues that continue to plague the primary producer. Topics reviewed include:
- derivation and timing of income
- capital deductions (including new grapevine rules)
- CGT including water licences, wine labels, intellectual property
- pre-CGT land/post developments and effect of balancing charges
- Division 35
- product rulings and Part IVA exposure post Hart
- GST on sale of farming operations
- an overview of duty concessions in all states/territories.