The Australian Financial Review --- Page: 37-39 : 28 April 2007 Original article by John Wasiliev
ABIX Summary
Upfront tax deductions will not be available on managed agribusiness schemes (MASs) from 1 July 2008. Although an exception applies to forestry schemes, the tax advantages associated with such schemes will be pared back. A court case seeking to retain the tax breaks is being organised. Adviser Edge's Shane Kelly thinks that if the case succeeds, the Australian Government is likely to introduce laws against the tax concessions. Non-forestry schemes are estimated to account for one-third of forecast MAS offerings of $A1 billion this year. Willmott Forests is one of the few operators not to have diversified into other areas of farming.
