This course is an in-depth review of current primary sector tax issues across three sessions.

As the single largest industry and earner for New Zealand, the primary sector will be significantly impacted by any tax changes. 2020/2021 has been a period of significant changes and challenges with regards to taxing of the rural sector.

The focus of these three one-hour sessions is on using case studies to highlight the issues that arise in primary sector businesses and working through the options available to mitigate the taxation consequences arising.

The two major items will be:

• the new purchase price allocation that applies from 1 July 2021
• the ten-year bright line test and the non-deductibility of interest by landlords and others as these affect farmers.

Other points of discussion will include:

• the M bovis legislation as it is enacted
• a couple of contemporaneous COVID 19 consequences
• farm debt write-offs
• GST on farm houses
• the tax treatment of associated “facilitation” receipts.

Presenter, Jim Gordon, is an experienced primary sector tax adviser who has drawn from real life situations as inspiration for the case studies making up the course. Jim will work through case studies which highlight the issues and practical solutions to those issues.

Questions will be addressed as they arise throughout the three one-hour sessions.

Upon satisfactory completion of this activity you will:

• remain up-to-date on taxation issues affecting the primary sector
• have done case studies on the key contemporaneous primary sector tax issues.

Total CPD Hours: 3 (1 hour per session)

Suited to:
Accountants and other professionals advising the primary sector.
Content will primarily be targeted at experienced advisors who have an understanding, but not necessarily deep knowledge of the topic areas covered.

PRESENTER

Jim Gordon, Director, Jim Gordon Tax Ltd

Jim Gordon FCA started preparing farm accounts in 1974.  He has been involved with almost all of the primary sector tax reforms since 1986.  Jim brings a wide range of both theoretical and practical experience to his presentations.