A Synopsis of Tax Accounting and Livestock in Australia: Insights from the Wade Case
This paper is a synopsis of the book Tax Accounting and Livestock in Australia: Insights from the Wade Case. The book is a detailed examination of the taxation implications of the disposal of animals held in a business of primary production in conjunction with the sale of a farm or pastoral lease...
| Main Authors: | , |
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| Format: | Conference Paper |
| Language: | English |
| Published: |
2024
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| Subjects: | |
| Online Access: | http://hdl.handle.net/20.500.11937/93869 |
| _version_ | 1848765803893096448 |
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| author | Fullarton, Lex Pinto, Dale |
| author_facet | Fullarton, Lex Pinto, Dale |
| author_sort | Fullarton, Lex |
| building | Curtin Institutional Repository |
| collection | Online Access |
| description | This paper is a synopsis of the book Tax Accounting and Livestock in Australia: Insights from
the Wade Case. The book is a detailed examination of the taxation implications of the disposal
of animals held in a business of primary production in conjunction with the sale of a farm or
pastoral lease.
In the pastoral and farming industries, valuable stud animals are not normally sold as trading
stock but, as a consequence of a natural or family disaster, they may need to be disposed of
against the will of the owners. In Australia, the Australian Taxation Office (ATO)’s view is that
the revenue from the sale of all animals held as part of a primary production business is income
according to ordinary concepts, regardless of the function of those animals in the business or
the reasons for sale, and the receipts are taxed as ordinary income. That view deprives owners
of a raft of tax concessions granted to other business owners on the sale of their businesses.
The authors consider this situation to be grossly unfair to pastoralists, farmers and graziers if
they are forced to sell their breeding stock as a result of a natural disaster or along with the
sale of their business on their retirement from the industry.
The book looks at how the ATO’s view was established and why it came into being. It looks at
the basis on which the ATO formed its view and examines the litigation which the ATO uses to
support its opinion – Federal Commissioner of Taxation v Wade (‘Wade Case’). It then
examines the background of the Wade Case in detail, and the court documents presented in the
preceding trial and administrative reviews |
| first_indexed | 2025-11-14T11:41:04Z |
| format | Conference Paper |
| id | curtin-20.500.11937-93869 |
| institution | Curtin University Malaysia |
| institution_category | Local University |
| language | English |
| last_indexed | 2025-11-14T11:41:04Z |
| publishDate | 2024 |
| recordtype | eprints |
| repository_type | Digital Repository |
| spelling | curtin-20.500.11937-938692024-01-18T03:04:32Z A Synopsis of Tax Accounting and Livestock in Australia: Insights from the Wade Case Fullarton, Lex Pinto, Dale Income Tax Capital Gains Tax Livestock Revenue Assets Capital Assets This paper is a synopsis of the book Tax Accounting and Livestock in Australia: Insights from the Wade Case. The book is a detailed examination of the taxation implications of the disposal of animals held in a business of primary production in conjunction with the sale of a farm or pastoral lease. In the pastoral and farming industries, valuable stud animals are not normally sold as trading stock but, as a consequence of a natural or family disaster, they may need to be disposed of against the will of the owners. In Australia, the Australian Taxation Office (ATO)’s view is that the revenue from the sale of all animals held as part of a primary production business is income according to ordinary concepts, regardless of the function of those animals in the business or the reasons for sale, and the receipts are taxed as ordinary income. That view deprives owners of a raft of tax concessions granted to other business owners on the sale of their businesses. The authors consider this situation to be grossly unfair to pastoralists, farmers and graziers if they are forced to sell their breeding stock as a result of a natural disaster or along with the sale of their business on their retirement from the industry. The book looks at how the ATO’s view was established and why it came into being. It looks at the basis on which the ATO formed its view and examines the litigation which the ATO uses to support its opinion – Federal Commissioner of Taxation v Wade (‘Wade Case’). It then examines the background of the Wade Case in detail, and the court documents presented in the preceding trial and administrative reviews 2024 Conference Paper http://hdl.handle.net/20.500.11937/93869 English fulltext |
| spellingShingle | Income Tax Capital Gains Tax Livestock Revenue Assets Capital Assets Fullarton, Lex Pinto, Dale A Synopsis of Tax Accounting and Livestock in Australia: Insights from the Wade Case |
| title | A Synopsis of Tax Accounting and Livestock in Australia: Insights from the Wade Case |
| title_full | A Synopsis of Tax Accounting and Livestock in Australia: Insights from the Wade Case |
| title_fullStr | A Synopsis of Tax Accounting and Livestock in Australia: Insights from the Wade Case |
| title_full_unstemmed | A Synopsis of Tax Accounting and Livestock in Australia: Insights from the Wade Case |
| title_short | A Synopsis of Tax Accounting and Livestock in Australia: Insights from the Wade Case |
| title_sort | synopsis of tax accounting and livestock in australia: insights from the wade case |
| topic | Income Tax Capital Gains Tax Livestock Revenue Assets Capital Assets |
| url | http://hdl.handle.net/20.500.11937/93869 |