Tax Considerations of Farming Operations
Presenters : Carmen Westermeyer
Overview
Farming plays a vital role in the South African economy, and with it comes a range of specialised tax considerations. This session will unpack key aspects of farming taxation, helping attendees understand who qualifies as a farmer, what constitutes farming income, and how to apply the relevant tax provisions effectively. Practical guidance will also be provided on recordkeeping best practices and how to make the most of available tax incentives and deductions.
Video Content
This video will cover the following areas:
- Who qualifies as a farmer
- What constitutes farming income
- Best practices to maximise tax incentives
- Special allowances and recordkeeping considerations for farmers
Competencies Developed
After watching this video, delegates will understand and be able to apply:
- How to calculate farming income
- The application of relevant ringfencing provisions
- The calculation and application of farming-related deductions
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