An analysis of the capital gains tax and capital allowance and other income tax issues resulting from the disposal of farming assets.
The dust has settled from the clearing sale and you, as the Adviser, are left with the final contract documents.
Establishing the final position and crunching the numbers is generally a significant chore, however the problem invariably compounds when you drill down into the many complex taxation issues. This case study style presentation will examine the capital gains tax, capital allowance and other income tax issues resulting from the disposal of farming assets.
Are the gains balancing adjustments, capital gains, or recoups of expenditure on items treated concessionally for primary producers? How are gains calculated and how do these different divisions interact?