This page contains additional information for assessing sole traders involved in primary production. It also contains coding tips for primary production sole trader cases.
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Assessing sole traders
System coding
Assessing sole traders
Information for assessing sole traders involved in primary production
Table 1: This table describes information for assessing sole traders involved in primary production.
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Description |
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1 |
How aggregation assessment is calculated + Read more ...
If the primary production enterprise is run as a sole trader, the aggregation assessment will do the following:
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Add together all the sole trader's primary production assets (from all the customer's primary production enterprises, including those attributable from other primary production business entities)
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Add together all the sole trader's primary production liabilities (from all the customer's primary production enterprises, including those attributable from other primary production business entities)
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The total value of the primary production liabilities is to be deducted from the total value of the primary production assets to give the sole trader's net primary production assets or liabilities. If the net result is less than $0, the result assessed will be $0
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Sole trader has a farm (rural property) + Read more ...
If a sole trader has a farm (rural property), the customer must complete and lodge a Rural Property Questionnaire (Q454) letter. The Q454 letter is sent to the customer through Customer Record or Customer First.
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System coding
Coding tips for primary production sole trader cases
Table 2: This table describes system coding tips for primary production sole trader cases.
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Description |
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Additional information for coding Business Details (BUS) screen for sole traders involved in primary production activities + Read more ...
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If a farming sole trader, on the BUS screen, code 'FST' in the Type of business: field
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When coding the Net Assets Customer $: field, the amount calculated as the net asset value for the customer may be a negative figure.
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If the customer has more than one primary production business, the net assets and liabilities of each business can be further offset against each other. A leading '-' (minus) should be keyed to record any negative value of a primary production business
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Additional information for coding Real Estate Details (RE) screen for sole traders involved in primary production activities + Read more ...
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If a sole trader has real estate as part of the business, a link must be coded on the BUS screen. The value on the Net Assets Customer $: field will be the figure the system uses to assess the value of a sole trader business
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Estimated Value $: field on Real Estate Details (RE) screen must be coded accurately. When the valuation is returned, the figure will be inserted in the Current Market Value: field on the RE screen and the asset value of the business is automatically adjusted by the difference between the valuation and the original estimate
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