Mod­ern farm­ing needs new tax sys­tem

North East & Goulburn Murray Farmer - - END OF FINANCIAL YEAR SPECIALS -

GRAINGROWERS is call­ing for a mod­erni­sa­tion of the tax sys­tem that can keep pace with the op­er­at­ing en­vi­ron­ment of the con­tem­po­rary Aus­tralian farm busi­ness.

GrainGrowers chief ex­ec­u­tive of­fi­cer Ali­cia Gar­den said that to re­main vi­able many farm­ers re­quire greater scale in their op­er­a­tions which then makes them no longer de­fined as small busi­nesses.

Ms Gar­den said she was call­ing on the gov­ern­ment to ex­pand Farm Man­age­ment De­posit el­i­gi­bil­ity to com­pa­nies and trusts, to ex­empt farm­ers from the lux­ury car tax which in­cludes ve­hi­cles re­quired to un­der­take farm work and to ex­clude cap­tial gains tax li­a­bil­ity for farm­ers want­ing to pass the fam­ily farm on to the next gen­er­a­tion.

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