Description

Income Tax, GST and Accounting Considerations

In this webinar we will be working through the income tax and GST issues that arise when we wind up farming business structures.

Over time, business structures that were once appropriate need to change, this can see a farmer move from being a sole trader or partnership to a corporate structure or trust structure.

Setting up the new structure is often much easier than dealing with the tax consequences associated with the old structure. Consequently, many old structures linger much longer than they need to.

In this webinar we will review the rules associated with winding up old farming business structures, look at strategies you can employ to mitigate any tax consequences including:

• The use of bailments.
• Associated person livestock rules.
• Partnership dissolution rules.
• Plant & Equipment leases.

The webinar assumes a reasonable level of familiarity with farm accounting and taxation issues and will be practically focused.

ORIGINAL BROADCAST DATE

15 November 2023

LEARNING OUTCOMES

Attendees will hear about income tax, GST and accounting issues that they need to consider when winding up farm business structures.

SUITED TO

Accountants and other professionals advising clients in the rural sector.

PRESENTER

Tony Marshall, Principal, CEG Limited.