How to calculate the taxable income of a farming operation

Overview

Many taxpayers are involved in farming which could include produce or livestock and even game.  It is important to take note of the special tax principles applicable to farming operations and how these could be utilised to minimise the tax payable whilst still remaining compliant.

 Join Carmen Westermeyer in this session that will provide an overview and practical explanation of the key matters arising when determining the taxable income of a farming operation.  The following key questions will be addressed:

• Who is a farmer?
• What constitutes farming income and farming operations (produce and livestock)?
• What are the special provisions that apply to farming?
• What are the rating formulas and how do they apply to farming?
• What are the VAT considerations related to farming?
• How would farming property be valued from an estate duty perspective?

 In addition to the above, we will also unpack the changes to the Diesel Rebate system which are especially relevant to farmers.

 Delegates will have an understanding of and exposure to the following:

• How to calculate farming income
• How to apply the relevant ring-fencing provisions
• How to calculate and apply the relevant farming deductions

Presenter

Carmen Westermeyer

BCom(Honours Accounting) [UND] CA(SA)
 
Carmen Westermeyer graduated in 2001 from the University of Natal, Durban (now UKZN), with a BCom Honours degree in Accounting and completed her articles with PwC in 2004. She has been a member of SAICA since then.

Carmen stayed with PwC for a year as Assistant Manager, venturing into the world of commerce in 2006. In 2008, she was appointed as a lecturer at UKZN and coordinated the Taxation 300 course until December 2010. From 1 January 2010, Carmen took over the role of Academic Leader for the Taxation Department, as well as the coordination of the Postgraduate Taxation Programme. During her time as Academic Leader she had numerous opportunities to liase with SAICA on issues relating to the ITC, as well as being a member of the Tax Committee.

In December 2012 she started running ad hoc training courses for members of the profession. From December 2013, she moved into commercial training and consulting on a full-time basis. She has been involved in various training activities, such as the SAICA SMP training in 2014 and the FASSET Budget and Tax Update in 2015 and 2016.

CPD

This event and successful completion of the online assessment will secure 2 hours verifiable output Tax CPD points.

Event Pricing:

CPD subscribers: 100% Discount for 2020 General Tax Practitioners and Tax Accountants CPD subscribers.

Other members: R475.00

Company Price: R950.00

Payments & Cancellations

• All payments must be made by EFT or by credit card, at least 3 working days before commencement of an event.

• Kindly note that should payment not been received 2 days after the event, legal action will be taken

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• Cancellation Conditions:

  • If the cancellation occurs more than 4 working days prior to the event no cancellation fee will be charged.

  • If the cancellation occurs less than 4 working days prior to the event a 100% cancellation fee will apply.

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