Advice

How to manage the tax on forced sales of livestock

By Helen Warnock
May 14 2022 - 2:00am
Tax issues on forced livestock sales

Most Queensland farming properties have experienced some extreme weather or natural disaster in recent times. What happens if you are forced to sell your livestock ahead of time due to this unplanned event? The tax rate per dollar increases as your taxable income increases so you save tax if you are able to spread the income over several years rather than having it taxed in the year of the sales. The Tax Act has several concessions which allow you to defer the tax when these events happen.

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