Agriculture / Blog / White Paper Wrap Up: Financial and Tax support

White Paper Wrap Up: Financial and Tax support

Financial and Tax support

  • Farmers able to double Farm Management Deposits from $400,00 to $800,000 from July 1, 2016
  • Farmers able to use above mentioned Farm Management Deposits as a business loan offset (reducing interest costs)
  • Farmers able to average income tax after 10 years, from July 1, 2016
  • $11.4 million to increase interaction between the Australian Competition and Consumer Commission and the agricultural sector including a new commissioner specifically dedicated to encouraging fair trade, strengthening competition and addressing disputes between farmers and buyers
  • $13.8 million for a two-year pilot program to look into cooperatives, collective bargaining and new farming business models to help farmers establish strong businesses for the future
  • Immediate deduction of the cost of new fencing in the year of purchase

For further information on the White Paper and how it could benefit your business go to:

http://agwhitepaper.agriculture.gov.au