This session delved into the intricacies of the Goods and Services Tax (GST) specifically tailored for farming enterprises, encompassing both sizable agricultural operations and smaller ventures.
Throughout the session, our exploration covered key elements, including:
- Understanding the intricacies of GST as it applies to the industry, including the what, when, and how of its operation and application
- GST operational, financial and structuring opportunities (i.e. GST grouping, etc)
- Discussing approaches and best practices to achieve GST compliance and maximise GST savings
- Delving into GST concessions including farmland and the margin scheme tailored to the unique requirements of farming enterprises; and
- Examining the principles and practices of tax governance for GST, and recent ATO activity.