Summary
Summary Farmers' Tax
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A brief summary of taxation for farmers including special relief for drought in par 13.
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Farmers TaxFarming has 2 components: (ITC 1319)
Intention to farm
Reasonable expectation of profit
Stock
Livestock are animals which the farmer farms
Produce is harvested produce on hand
- OPS
+ CS
Value of OPS and CS
CS = std val (may elect higher but not more than 20%)
OPS = Last yr CS + MV of donations or div specie or inheritance + MV change
int
Produce
Fair and reasonable value
In practice, lower of average or MV of production
Par 8 ltd on 11(a)
8(1)
Farming Income
CS – std
(OPS) – std (no inheritance or donations)
Allowed portion
Disallowed portion
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