2020 Webinar: How to calculate taxable income of a farming operation
Duration: 2 hours
Price: R475.00
2020 Webinar: How to calculate taxable income of a farming operation
Presenters : Carmen Westermeyer
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