The Australian Financial Review --- Page: 6 : 13 February 2007 Original article by Fleur Anderson and Mark Phillips
ABIX Summary
Australian Prime Minister John Howard will be urged on 13 February 2007 to review Cabinet's decision to drop tax benefits for agribusiness schemes. Coalition backbenchers will ask him to extend the lucrative existing tax regime for three years so rural businesses can restructure. However traditional farmers want the Government to adhere to its deadline of 1 July 2007. They say managed investment schemes distort land prices in regional areas by up to 50 per cent. The schemes, which take advantage of upfront tax deductions, cost the Government $A1.3bn annually.
