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Agribusiness - Planning to Succeed

Published on 19 Mar 2013 | Took place at Intercontinental Adelaide, SA

    Australia's various primary production industries have continued to show resilience in the face of a high Australian dollar, ever-changing weather patterns and the constantly shifting demands of the global marketplace. Agribusiness - already pivotal in the national and South Australian economies - is only likely to become of greater significance as Australia, with its leading farm technology and exceptional standards for quality and consistency, aspires to become the food bowl of Asia.
    With strong growth in many sectors, clients are inevitably turning to their professional advisers for increased strong support - not only to navigate a safe path through the numerous tax traps - but to identify opportunities for forward planning and future growth.
    This dedicated agribusiness seminar accommodated these changes and covered the following topics:
  • maximising your clients' income opportunities
  • structuring issues for commercial fishing and aquaculture
  • wine equalisation tax
  • trading stock - don't get hurt
  • PPSA

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Individual sessions

Maximising your clients' income opportunities

Author(s):  Peter SLEGERS

Your clients contact you asking how to negotiate with a large energy company wanting to install wind turbines on their land. Another client has received correspondence from a mining company seeking to obtain their permission to the granting of exploration rights. Yet another client has been approached by a property developer and is considering re-zoning and subdividing one of their surplus coastal farm land into beachside allotments.

This paper considers the increasing trend of primary production landowners to be involved in transactions with large corporations in the E&R and property development industries. It works through a number of case studies addressing the specific commercial and tax issues arising from transactions of this kind.

Specific topics covered include:

  • taxation treatment of land access rights, easements, profit aprendres
  • nature of gain or profit - revenue or capital and do any concessions apply?
  • when does a farmer become a property developer for tax purposes - how to strategise for optimal outcomes
  • does my client transfer the land to an optimal structure prior to thetransaction - what are the costs and benefits?
Materials from this session:

Structuring issues for commercial fishing and aquaculture

Author(s):  Stephen JAMES

    This paper works through a number of issues that arise when structuring or restructuring a commercial fishing or aquaculture business.It works back from the general legislative framework and then considers the specific taxation issues.
    Specific topics covered include:
  • legal nature of fishing licences, allocations, quota and other statutory fishing rights
  • declarations of trust - CGT and stamp duty
  • specific CGT, GST and stamp duty issues to consider when restructuring
  • optimal structures to meet the principals commercial and succession planning objectives.
Materials from this session:

The wine equalisation tax rebate

Author(s):  Brett ZIMMERMANN

On 19 September 2012 the Government introduced into Parliament amendments to the A New Tax System (Wine Equalisation Tax) Act 1999. The amendments were introduced, passed and received Royal Assent (in December 2012) with a view to ensuring that a wine producer is not entitled to the wine equalisation tax (WET) producer rebate on wine that has already had a WET producer rebate claimed on it. This issue,particular to blending arrangements, is one which has recently been at the forefront of the Commissioner’s and Treasury’s mind in the context of the WET rebate; other issues including the application of the “associated producer” provisions and perceived uncommercial arrangements being entered into with a view to take advantage of the WET rebate.

This paper focuses on ensuring that attendees walk away with:

  • a detailed understanding of the recent changes to the WET rebate and the impact on their clients
  • an understanding of the WET Grouping provisions and how these apply within Family Groups
  • what to expect if (when?) an ATO auditor comes calling.
Materials from this session:

"Trading stock - don't get caught"

Author(s):  Michael MCCLAREN

Your clients agribusinesses are getting more complex every year especially in relation to trading stock. Many hold trading stock over multiple periods and often apply it for different uses. Yet many only understand their business decisions on the basis of cash in and out. These changes present the tax practitioner with more challenges than ever. This paper considers how to apply the trading stock provisions in this ever changing environment.

Specific topics include:

  • trading stock provisions generally
  • what is stock “on hand” – not as straight forward as you think
  • extensions to and departures from the basic definition of trading stock
  • how to handle “uncertain future use”
  • disposals of trading stock not in the ordinary course of business
  • valuation options and full absorption costing
  • industries specific issues and examples.
Materials from this session: