Upskill original | tax master class
Taxation for Farmers
The taxation of farming operations is subject to a unique and detailed set of tax rules. All annual tax returns require that income from farming operations and relevant expenses be disclosed separately so that SARS can easily assess whether the specific tax rules have been adhered to.
Upskill original | tax master class
Who should enrol?
More about this module
The following topics are covered in this online module:
- Tax consequences of housing farming operations and farmland in separate tax entities.
- Detailed look at the First Schedule, including problem areas like the meaning of “farming operations” vs the letting of farmland; Produce held in a “wine-pool” or co-op and closing stock; ring-fencing the cost of livestock and 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: Deemed disposal rules and effect of holding livestock.
- Death of a farmer: The effect of unutilised capital development expenditure.
- Death of a farmer: The cost of inherited livestock and assets and relevant allowances; and game farmers.
- Value added tax for farmers.
- The diesel rebate.
CONTINUAL PROFESSIONAL DEVELOPMENT
This course is ideal for CPD
CONTINUAL PROFESSIONAL DEVELOPMENT
General CPD information
After completing this e-learning module, you will be issued with a certificate of completion containing all the relevant information relating to this
module for CPD purposes. You will be required to complete 20 multiple choice questions and will have 3 attempts to achieve at least 60%. Only once
you have achieved the minimum exit level criteria will the Upskill platform issue you with your completion certificate.
CONTINUAL PROFESSIONAL DEVELOPMENT
Members of SAICA
This course can be used by members of SAICA for CPD purposes. As part of SAICA's output-based CPD policy you are required to plan, act and reflect. This online master class deals with Tax Planning and Tax Governance as the linked competencies to the competency framework.
CONTINUAL PROFESSIONAL DEVELOPMENT
Members of the SAIT
This course can be used by members of the SAIT for CPD purposes. The course is accredited by the SAIT for CPD purposes.
CONTINUAL PROFESSIONAL DEVELOPMENT
Members of SAIPA
Given the exit level requirements of this module, you will qualify for 4 verifiable CPD on presentation of your completion certificate.
This module contains
the following elements
Course notes
You will be able to download a full set of course notes for your use. All we ask is that you dont share these.
Cheat sheets
This module contains various cheat sheets you can download and refer back to when needed. All we ask is that you dont share these.
Studio recordings
This module is not a webinar recording. The module contains various videos recorded in our professional recording studio.
Completion certificate
You will be issued with a completion certificate after meeting the exit level requirements as outlined in chapter 5.
If a taxpayer rents out farmland, will SARS regard that as a farming operation?
After completing this course you will be able to answer this question.
Meet the facilitator
Diane Seccombe
Diane Seccombe is an admitted attorney with a masters degree in
taxation. She has over 15 years of experience with taxation. Diane is
currently the National Head of Taxation at Mazars Academy Proprietary
Limited and in this capacity provides tax training to professional institutes,
banks, financial service providers and financial planners. She is also well
known amongst students for her tax lectures at post graduate level. Diane
consults on income tax matters including, corporate, individual and
international tax and is an expert in Value Added Tax.
Diane Seccombe
