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Primary Production Tax & Super Web Series

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The key tax and superannuation issues when managing a primary production business

Determining if clients carry on a primary production business
Utilising the concessions only available to primary producers
Practical issues to consider when working with primary producers

A Live Instructor Led 2-Part Web Series

Farming, fishing and felling – these are some of the activities that can be classified as a primary production business for tax purposes. When clients are involved in a primary production business, there are a range of unique tax and superannuation issues that need to be considered and managed.

The Primary Production Tax & Super Web Series explores the most common tax and superannuation/retirement issues that clients face when carrying on a business of primary production.

There are a number of concessions in the income tax and GST systems that are only available to primary producers and it is important that advisers are aware of what might be available to clients. From averaging rules, faster write-off rates for capital expenditure and farm management deposit provisions, the tax outcome for primary producers can be significantly different to other business operators.

The superannuation system provides some unique opportunities for primary producers. Many primary producers will also be eligible for small business CGT concessions which provide retirement opportunities over and above the standard contribution caps.

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AU $330 members
AU $395 non-members

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Register Office*

AU $870 members
AU $985 non-members

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Total 2.5 CPD Hours

Details

Recorded: 26 April & 3 May 2023

FPA accredited for a total of 2.5 CPD hours (30779 & 30780)

  • 0.75 Technical competence
  • 0.25 Regulatory compliance and consumer protection
  • 1.5 Tax (financial) advice

Terms & conditions: All registrations to Knowledge Shop events are subject to our terms and conditions which include a cancellation policy. No refunds are provided for cancellations received 1 day prior to the webinar. No credits are available less than 2 hours prior to the event under any circumstances.

*Office Registrations. Maximum 15 participants per firm (must have same email domain). The PD points for all attendees will be recognised and links will be provided to all attendees.

What we cover

An essential webinar for anyone working with clients carrying on a primary production business.

What's included?

  • 2 x 1.25 hour (est.) webinars
  • 3 month access to Q&A embedded webinar recording - so don't worry if you can't make all of the live dates
  • Reference notes
1

Session 1

Wednesday, 26 April 2023

We look at tax implications that arise in this area including:

  • Determining whether a client carries on a primary production business
  • Applying the non-commercial loss rules to primary production business losses
  • Working with the specific trading stock rules for primary producers
  • Special deduction rules for capital expenses incurred in relation to primary production business activities
  • Options for dealing with income and profits generated from the forced disposal or death of livestock
  • Applying the farm management deposit rules in practice
  • When income averaging applies and how it works
  • GST concessions on the sale of farm land

With Michael Carruthers

2

Session 2

Wednesday, 3 May 2023

We look at superannuation and retirement solutions for primary producers including:

  • A detailed case study on how superannuation contributions and pensions can be maximised when primary producers sell up and move off the land
  • Understanding the small business CGT provisions that relate to superannuation
  • Determining eligibility for Downsizer contributions on the main residence portion of the farm
  • Working through the business real property and related party rules as they relate to primary production
  • Understanding the Centrelink nuances that are available for primary producers in situations of hardship or retirement

With Jason Hurst

Our presenters

Tax Director, Knowledge Shop

Michael Carruthers

ProfileMichaelCarruthersMichael is an adviser, author, in demand presenter, mentor to Knowledge Shop’s technical team, and is well known for his capacity to translate highly technical information into tangible and useable advice for the profession. He has a knack for seeing through the complexity and helping advisers work through highly technical issues with certainty and accuracy.

Michael works with advisers every day to help them negotiate and implement the constant tide of change impacting the industry. He was a long-term member of the advisory panel for the Board of Taxation and was a member of the reference group for the Board’s review of small business concessions. 

He was also an expert panel member for the Board’s review of tax impediments facing small business.

Technical Superannuation Adviser, Knowledge Shop

Jason Hurst

Jason HurstJason is an experienced commentator, presenter and writer on superannuation and retirement. He specialises in breaking down complex technical concepts for professional advisors and their clients. 

He has over 20 years’ experience in the wealth and retirement sectors, working with accountants and advisers to build their technical skills in superannuation, retirement, Insurance, social security and age care, and enjoys helping to provide the tools to articulate these concepts in a simple and easy to follow way to clients. 

Jason also works with the Financial Planning Association (FPA) as a subject matter expert for the CFP 5 program and a technical student mentor to those undertaking the CFP courses. 

He has a Bachelor of Economics from the University of Newcastle and holds the Certified Financial Planner (CFP) designation.