Money Doesn’t Come Without Guidance ...
In Australia if you are operating a primary production business individually or in a partnership or as a trust then you will be considered as a primary producer. It could be maintaining animals for the purpose of selling, manufacturing dairy produce, planting or tending trees, fishing, pearling etc. If you operate such a business in Australia, you may able to claim special tax concessions unless the business is just a part of your hobby, recreation or a sporting activity.
To be a primary producer you need to consider various indicators. This special concession also affects when you have to pay your income tax, as you may be able to make two pay as you go (PAYG) instalments each year. There are some special tax rules for this concession. These include:
Primary producers can also be benefited from exceptions to the non-commercial losses rules that will restrict you from offsetting losses for a non-commercial business activity, which is limited to less than $40,000 (excluding net capital gains).