Recorded Webinar: Restructuring Ownership of the Family Farm: Managing the Tax and Retirement Consequences

Providing advice about succession is an important part of any rural or regional practitioner’s role. When the farm or its assets are transferred to the next generation tax liabilities may be triggered. Primary producers have specific concessions available to them and this session will discuss some of the tax relief and Centrelink benefits available to farmers in the succession process:

• Transferring the family farm pre or post death - understanding the tax consequences
• Dismantling corporate or trust entities - extracting profits or share capital tax-effectively
• Transferring plant, equipment and livestock tax effectively
• Stamp duty exemptions on transfers of land used for primary production
• Capital gains tax exemptions, rollovers and asset reductions that are available
• Triggering a change in pre-CGT status - avoiding unwanted outcomes in the succession plan
• Family trust operating the farm and excluding beneficiaries - will this trigger stamp duty or CGT liabilities?
• Tax effective retirement funding for the farming parents
• Centrelink considerations for the parents when determining the succession plan