Recorded Webinar: Tax Issues for Rural Land Holding, Transfer and Use

The tax regime in Australia, both at a Federal and State level, is well known for its complexity and reach. Rural practitioners provide advice on diverse activities involving not only the acquisition and disposal of assets, but day to day farming operations, and need to be aware of the tax implications arising from a myriad of transactions. This practical session will look at the application of specific taxes in a number of common rural situations, including:

• The GST treatment of farm land – what the contract for the sale of land needs to include and when a going concern exemption should instead be considered
• Stamp duty – when does stamp duty apply and how to claim and prove an exemption
• Land tax – when is the “primary production” exemption applicable?
• Capital Gains Tax – application, exemptions and consequences of land transfers
• Dividing up the empire – the tax implications of changes to business structures and beneficiaries in succession planning and associated activities
• Tax consequences arising from changes to activities on the land
• The recent introduction of changes to the taxing of vacant land contained in the Treasury Laws Amendment (2019 Tax Integrity and Other Measures No.1) Act 2019 which received royal assent on 28 October 2019