
All income derived directly from any farming operations will be regarded as farming income. Income from farming activities will also include, for example grazing fees derived by a person who carries on farming operations, recoupment of wear and tear allowed on vehicles, implements and machinery used to carry on farming activities and subsidies received by farmers, whether in respect of farm products or capital expenditure.
Farming and agriculture form the lifeblood of any economy. It is no wonder that the Income Tax Act 58 of 1962 (Act) provides for a special set of beneficial rules applicable to farmers in South Africa. This session wishes to unpack the special taxation regime.
Topics Discussed:
All Included:
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Gary Garbutt,
Head of Operations
Biz Facility Pty Ltd
(Registration number: 2011/105349/07)
Mission Statement:
To provide value added skills and tools through superior training and engagement that enables our clients to become more financially skilled.
Our Vision:
To provide practical skills and tools to small and medium business owners and individuals, in order to effectively utilize accounting data to manage their business or area of operation, and to effectively manage their tax obligations, both personally and professionally.
Biz Facility, founded in 2010, was founded to provide practical training interventions to small and medium sized businesses, as well as individuals, to equip clients in managing their business’s and tax affairs more effectively.Biz Facility provides both training and financial services to its clients: