Description
Avoid common pitfalls when farming partnerships change or end—join us for a practical guide to the key consequences
For decades a partnership was the structure of choice for many farming businesses. This was primarily due to the family nature of the farming activity, where the husband and wife carried on the farming business. As time went on, it was not uncommon for a child or children to join the partnership.
Traditional partnerships have been out of vogue as a structure for many years now, however there are still a large number of farming partnerships in existence. Limited Partnership’s have frequently been used more recently to undertake farming activities.
For many years the wind-up of a partnership was fraught with difficulty due to the uncertainty in the way the legislation operated, particularly where there was the death of a partner. Legislative change has largely dealt with these issues, but it is fair to say that dissolution remains more difficult than it should be due to a mismatch between the legal, income tax and GST consequences that arise on dissolution.
During the webinar Tony will discuss amongst other things the following issues:
- The consequences of a partners death on a farming partnership
- The consequences of the removal or addition of partners to an existing farming partnership
- Income tax and GST considerations on the dissolution of a partnership
- Windup of a Limited Partnership
The webinar assumes a reasonable level of familiarity with farm accounting and taxation issues and will be practically focused.
LEARNING OUTCOMES
Attendees will remain current on tax and business law issues affecting their clients operating in the rural sector.
SUITED TO
Accountants, lawyers, and other professionals advising clients in the rural sector.
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PRESENTER
Tony Marshall, Principal, CEG Limited
Tony is one of New Zealand’s leading rural tax advisors with over 25 years’ experience in advising rural businesses. Tony is currently Chair of the CAANZ Rural Sector Committee providing advocacy and support to practitioners advising primary sector clients.
Tony works directly with primary sector businesses and has a close understanding of the day-to-day tax issues impacting rural New Zealand.
Tony has presented numerous seminars series and webinars on rural tax issues for all the major training organisations for more than 15 years and is one of the authors of the 3rd Edition of the Farming, Forestry and Fishing Tax Guide.