Aquaculture

In Year-end closing - Information and tax - Information - Additional information you will find the work area for Aquaculture. The area is activated by selecting 'Aquaculture' from Edit feature areas.

The area consists of the following registration pages that have conditions that specially apply to aquaculture enterprises:

• Asset register

• Tax depreciation

• Aquaculture

The Summary-tab contains a summary of calculated values from ground rent income before and after coordination with other group companies.

Coordination of ground rent income in the group

The Summary-tab includes registration of conditions affecting ground rent income, including coordination with other companies in the group, and the registered values affect the final coordinated ground rent income.

Tax-related depreciations

Under Aquaculture taxation, for each balance depreciation, straight-line depreciation, and non-depreciable objects, it is possible to choose how this will affect the calculation of ground rent income in aquaculture.

Here are the following five options that determine the treatment in the calculation of ground rent income, which also references the provisions of the tax law in § 19-6 (1):

• Does not partake in ground rent taxable aquaculture operation

• Fish farming facilities in the sea - § 19-6 (1) letter c

• Other operational assets in aquaculture - § 19-6 (1) letter d

• Fish farming facilities in the sea acquired before entry - § 19-6 (1) letter e

• Acquisitions from related parties - §19-6 (1) letter f

The choices made here will affect the amounts calculated in the fields of ground rent income:

• Investment cost related to aquaculture operation

• This year's depreciation on capital goods used in aquaculture operation that is directly expensed

• Tax depreciation of capital asset from historical investment at entry

• Tax depreciation on capital goods used in aquaculture operation

• Tax depreciation of capital goods acquired from related parties

Fixed asset register

When registering in the asset register, the same five choices are available, so when registering an asset card, one can choose among these five, the choices of tax depreciation, and the system will filter on the choices, so one can only choose among balance deprecations, etc. that have stated the same selection as what one wishes to register as acquisition.

Ground rent income

Ground rent income is found under the choice Aquaculture under Information and tax - Information.

Specification of gross rent income

Gross ground rent income must be registered in this menu.

Registration of Volume

The purchase and sale of live fish are registered on the Volume tab along with a specification of sold volume of slaughtered fish.

Specification of Deduction in Ground Rent Income

Deduction in ground rent income consists of both data that are registered and data that are calculated by the Tax Administration based on other data in the aquaculture function and values from tax depreciation.

Depreciation

Depreciations and directly deducted investment cost are shown on the Depreciation tab with a specification of each tax object (balance deprecations or straight-line depreciated operational assets).

Below, some calculations are commented upon.

This Year's Calculated Corporate Tax on Ground Rent Taxable Operation

Calculated by the Tax Administration based on data in the industry specification aquaculture function.

Carried Forward Calculated Negative Corporate Tax

Calculated by the Tax Administration based on data in the industry specification aquaculture function.

Carry Forward Negative Ground Rent Income from Previous Years

The first year with ground rent income is 2023, so carrying forward from 2022 or earlier is not applicable. The first year of using the field is for 2024, where carrying forward from 2023 will be possible to register here.

Calculated Corporate Tax and Calculated Negative Corporate Tax to Carry Forward

Calculations of calculated fields are obtained from the Tax Administration's calculations, and are sourced from the Tax Administration's calculation functions.

Production Units

On the Production units tab, an overview of the production units is registered along with information about the disposal and transfer of ground rent taxable aquaculture operation.

Wealth of Aquaculture Permits

Aquaculture permits are registered in the aquaculture function on the Wealth tab. Here, the sales value is registered, and other calculations happen automatically.

The reference account for aquaculture permits is reference account number 1042 Aquaculture Permits.

On the wealth tab, the wealth of aquaculture permits is shown on a separate line in the upper part of the image, while reference account 1042 Aquaculture Permits will show 0 in the wealth column in the lower part of the wealth image.

Tax Calculation and Accounting of Ground Rent Tax

The tax calculation is found under Information and tax - Tax Calculation under the left menu Tax expense.

Accounts specially for tax on aquaculture operation (incorporated companies etc.):

• 1578 Tax value of carried forward negative ground rent income for aquaculture

• 2504 Payable ground rent tax for aquaculture, not offset

• 8304 Ground rent tax for aquaculture

Tax costs, the tab Tax Calculation from Skatteetaten will show the Tax Administration's calculation of ground rent tax from aquaculture operation, and will automatically, from the Tax Administration's calculations, post amounts in the posts in the Tax Calculation tab:

• Calculated ground rent tax in aquaculture

• Negative coordinated ground rent tax incl. interest addition to carry forward

Coordinated ground rent tax comes from coordinated negative ground rent income multiplied by the tax rate.

Participant report from participation in a company with participant taxation in aquaculture

The Participant report is activated by going to the Area Selector under Information and tax and selecting the area Participant in a partnership. The area Participant in a partnership will automatically be activated if some partnership accounts are accounted for.

When registering a participant in a partnership, one can tick off for Participant in aquaculture activities, and then register relevant items:

• Share of positive ground rent income before coordination

• Share of negative ground rent income before coordination

• Share of carried forward negative ground rent income incl. interest from previous years

• Share of basic deduction

• Share of production fee

Note that these values are not automatically transferred to aquaculture operation, so data from participation in SDF within aquaculture must also be registered in the ground rent calculation for aquaculture.

See Items, fields and topics in the new tax return for businesses for more information.