Gate swings shut on farming schemes as tax carrots are sliced and diced
Thu May 17 2007
The Australian Financial Review --- Page: 16 : 17 May 2007 Original article by John Wasiliev
ABIX Summary
The Australian Government will limit tax breaks for agribusiness investment schemes from July 2008. From that date, tax deductions will only be available for forestry schemes, and they will be less generous than in the past. Agribusiness schemes have attracted over 90,000 investors. The Australian Taxation Office believes that they do not qualify for tax breaks because they involve capital investment in a project that is organised and run by a promoter.
