Overview

The taxation of farming operations is subject to a unique and detailed set of tax rules. All annual tax returns require that income and expenses relating to farming operations be separately disclosed, so that SARS can easily assess whether the specific tax rules have been adhered to. 

Many farmers carry on farming operations in their own name. Due to the new legislation applicable on the death of a taxpayer and specifically the impact this has on farmers, an understanding of the new legislation is essential to ensure proper tax planning can be done. 

This seminar will assist attendees in obtaining a thorough understanding of the specific tax rules for farming and the impact of relevant tax legislation.

Course Content

• Tax consequences of housing farming operations and farm land in separate tax entities
• Detailed look at First Schedule including the following problem areas:
  • Farming operations vs letting of farmland
  • Produce held in a “wine-pool” or co-op and closing stock
  • Ring-fencing the cost of livestock
  • Limitation of capital development expenditure and recoupments
• Other relevant tax allowances
• Ring-fencing of assessed losses from farming operations
• Consequences of the purchase and sale of farming operations to ensure tax efficiency
• Death of a farmer, including:
  • Deemed disposal rules and effect of holding livestock
  • Effect of unutilised capital development expenditure
  • Cost of inherited livestock and assets and relevant allowances
  • Game farmers
• VAT
• Diesel rebate

Presenter

Di Seccombe

BCom, LLB, LLM (Taxation)

Di Seccombe is an admitted attorney with a Master’s degree in taxation who has been involved in tax for over 10 years. She started her tax career as a full-time academic with the University of KwaZulu-Natal before moving into practice. Di is currently the national head of tax training and presentations with Mazars and, in this capacity, provides tax training to Mazars partners, staff and clients. Di also consults on income tax matters including, corporate, individual and international tax as well as VAT.

Di presents tax seminars on a national basis for, amongst others, the South African Institute of Tax Professionals (SAIT), the South African Institute of Professional Accountants (SAPIA) and the UCT Graduate School of Business, focusing on general as well as specialised tax topics. She still lectures part-time for the National School of Accounting and Varsity College in Cape Town.

She has presented numerous tax seminars with great success to attendees ranging from JSE corporate advisers to smaller tax practitioners and is a popular lecturer amongst her students. Di’s primary focus in any presentation is that attendees find the material relevant and presented in an understandable and accessible manner.

CPD

This webinar and successful completion of the online assessment will secure 5 hours verifiable output TAX CPD points/units.

Including the following professional bodies: SAICA, CIMA, SAIPA, SAIBA, ACCA, FPI, CSSA, LSSA, FISA, ICBA, IAC, AAT

Event Investment

Non-member: R1254.00