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Individual Podcasts

GST and Farmland: Ploughing through the Complexities in Practice

There are two specific provisions in the GST legislation that deal with the requirements for the supply of farmland to be GST-free. Whilst the content of those sections are relatively short and concise, the same cannot be said for the issues that can stem from their use. This sess

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About the Podcast

There are two specific provisions in the GST legislation that deal with the requirements for the supply of farmland to be GST-free. Whilst the content of those sections are relatively short and concise, the same cannot be said for the issues that can stem from their use. This session delves into the issues, including:

  • What is the definition of farmland for GST purposes?
  • When can the supply of farmland, including subdivided farmland and the leasing of farmland, be GST-free?
  • What are the pros and cons of using the GST-free farmland provisions for:
    • the vendor
    • the purchaser
  • How is the supply of farmland treated for GST purposes that include:
    • a main residence
    • a bed and breakfast enterprise in addition to the farming activities
    • a significant amount of land used for non farming activities
    • agistment activities
  • The extent the vendor needs to substantiate the purchaser’s intention for a farming business to be conducted on the land, including:
    • whether there is a requirement to distinguish between an intended activity being a farming business or hobby farm
    • suggested documentation to maintain
  • How can increasing or decreasing GST adjustments apply subsequent to the purchase of GST-free farmland?
  • How does the use of the GST-free farmland provisions impact on:
    • the use of the margin scheme?
    • the GST-free going concern provisions if the supply includes both farmland and the farming enterprise?
  • What are the GST consequences of cancelling the GST registration prior to the sale of farmland?
  • Practical case studies

Presented By

Patrick Huang
Special Counsel, Coleman Greig Lawyers Sydney, NSW

Patrick Huang is a Special Counsel in Coleman Greig’s Taxation Advice team, having joined the firm as part of the 2019 integration with Argyle Lawyers.

With over 6 years’ experience as a taxation and commercial lawyer, Patrick has extensive experience in corporate governance, asset protection, tax and business structuring, tax controversy, company secretarial services, business succession planning, expatriate taxes and employment taxes. His wealth of knowledge in these areas is an advantage to all his clients. From advising clients on employee share schemes, buy-sell agreements, contract review and negotiation, capital raising and merger & acquisition transactions, no day is the same.

CPD Information

0.5 CPD hours/units

WA Lawyers – TEN is unable to verify that you have earned CPD for this product as we cannot verify that you have listened to the podcast which is a requirement of the LPBWA.  TEN is an accredited provider.

Enquiries/Assistance

If you need assistance or have an enquiry, please do not hesitate to contact us, on (03) 8601 7700 or email: [email protected]

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