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Agribusiness Intensive

Published on 20 Aug 2008 | Took place at Hyatt Regency, Adelaide, SA

Agribusiness has always been a cornerstone of the Australian economy. However, the water crisis, the introduction of an ETS, anticipated consolidation of the wine sector, uncertainty surrounding the ATO MIS test case and many other emerging issues continue to subject this sector to ever increasing change.

To address the challenges, market players will significantly rely on their professional advisers to assist them not only with their tax affairs but in dealing with a broad range of new and emerging issues.

At this event, speakers presented a range of topical tax and non-tax issues, including:

  • agribusiness - topical tax issues
  • small business CGT relief for primary producers
  • climate change developments
  • trusts and succession planning issues
  • emerging tax issues for wineries and viticulture
  • primary production concessions.

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Individual sessions

Agribusiness – Topical tax issues

Author(s):  Merv BURTON

There are a number of emerging issues for the Agribusiness sector. These include the long awaited outcome of the ATO test case for non-forestry Managed Investment Scheme (MIS) projects. This paper covers MIS issues as well as other developments that primary producers and their advisers need to be aware of including:

  • MIS issues generally
  • MIS non-forestry
  • product rulings.
Materials from this session:

Small business CGT relief for primary producers

Author(s): 

Primary producers are uniquely positioned in many cases to take advantage of the CGT Small Business Concessions when their properties are sold or restructured. This paper explores these opportunities and illustrates them with practical examples. Topics covered include:

  • issues and opportunities with $2M turnover - small business entity test
  • use of concessions for family land restructures
  • specific issues for primary producers concerning maximum net asset value test and active assets test
  • CGT planning opportunities
  • optimal primary production land holding structures.
Materials from this session:

Climate change issues

Author(s):  Fraser BELL

The proposed emissions trading scheme will have dramatic implications for agribusiness and the various primary production industries. This paper provides an insight into how the Rudd government's scheme is likely to work as well as an overview of recent developments. Topics covered include:

  • overview of the proposed framework for the Australian Emissions Trading Scheme
  • overview of the Garnaut Report and Green Paper response
  • likely impact on agribusiness industries
  • a brief update on the National Water Initiative.
Materials from this session:

Trust and succession planning issues

Author(s):  Ben WILSON

This paper addresses some important issues associated with holding land and farming businesses through trusts including:

  • Section 71CC stamp duty exemption
  • succession planning for the next generation
  • trust cloning and splitting.
Materials from this session:

Emerging tax issues for wineries and viticulture

Author(s):  Peter SLEGERS

In an environment of increasingly uncertain market conditions, further rationalisation and consolidation of the wine industry is anticipated. Many producers will need to consider off-loading surplus assets whilst others will be looking to refocus their branding and take advantage of the prevailing conditions to improve market share. This paper reviews some of the significant tax issues that are likely to arise in this ever changing industry and reflects on the presenter's recent experience in dealing with winery acquisitions, sales and restructures. Topics covered include:

  • specific CGT and capital allowance issues relating to vineyard sales
  • tax issues relating to label and wine IP
  • update on the taxation treatment of water licences
  • WET developments.
Materials from this session:

Primary production concessions

Author(s):  Barbie CHIRO

This paper reviews the various concessions available to primary producers that assist with managing both their tax obligations and cash flow. Topics covered include:

  • farm management deposits
  • capital allowances
  • simplified tax system
  • diesel fuel rebates
  • drought assistance.
Materials from this session: