Primary producers are passionate about ensuring that they manage their business operations with due consideration to environmental sustainability while maximising potential economic outcomes in the pursuit of social sustainability of the farming community. Our role as financial, tax and legal advisers is to ensure that we provide primary producers with the professional support that they require to make optimal commercial decisions. This program was packed with interesting topics, including:
- A comprehensive review of the agribusiness economic landscape both in Australia and internationally
- A critical review of the key considerations related to making trust distributions
- An evaluation of the various considerations associated with selecting a primary production business structure with particular reference to the nature of individual assets held and their role in the business structure. A separate session will review the role of SMSFs in holding assets that are made available to primary production enterprises
- Identifying and quantifying the income tax, capital gains tax and other imposts that may flow from selling, transferring or restructuring a primary production business
- Reviewing the various inter-entity arrangements and agreements including leases that commonly exist in a primary production business structure from the perspective of their legal effect and associated tax consequences
- Providing guidance on the deductions that may be available for capital expenditure incurred by primary producers
- Undertaking a rigorous review of various asset protection strategies with the objective of identifying which strategies may be more “fit for purpose” in particular contexts
- Identifying the key commercial drivers for primary producers involved in carbon farming
- Providing a review of State Tax issues as they apply to primary producers
- Understanding the potential application of GST to primary production supplies and acquisitions including the potential reduction of administration through grouping
- The Australian Taxation Office perspective on the key tax issues for primary producers including identifying what would be considered to be an effective tax compliance framework
- Identifying the taxation considerations of the various alternative uses to which primary production land is employed.