Tax in Agriculture
16 December 2016
Boyce Chartered Accountants are delighted to announce that the long awaited Tax in Agriculture research report has been released by Rural Industries Research and Development Corporation (RIRDC). Jonathan Forrest (Director of Boyce Cooma) lead the Boyce team working on the project together with Su McCluskey to complete the report that was commissioned by RIRDC on behalf of the agricultural sector.
The research report analyses how the Australian taxation system impacts the profitability and sustainability of farmers. In doing so, it provides a resource for agricultural groups and governments to inform their discussions on taxation policy as it relates to the sector.
The Australian agricultural sector is a strong contributor to the economy and plays a vital role in the social, economic and environmental sustainability of the nation. Australia’s continued economic wellbeing depends on all levels of government facilitating an environment that drives economic growth and ensures current living standards can continue or improve, while also protecting the prosperity of future generations.
This report identifies a number of areas of the tax system that currently facilitate positive productivity and sustainability outcomes for farmers and regional communities, along with those measures that may be impeding the sector. It aims to provide a resource for the agricultural sector to draw on to enable it to proactively engage in the tax reform debate, both now and into the future.
“The report will be the catalyst to underpin an open, productive debate on how the Australian taxation system helps and hinders Australian farmers,” said Jonathan.
“It was great to have the opportunity to make this contribution to the agricultural sector and work with Su McCluskey as well as representatives from the organisations funding the report” said Jonathan.
The report was first drafted in February 2016 and has been updated to include consideration of the Federal Budget announcements from May 2016.
It was jointly funded by RIRDC, Dairy Australia, Australian Pork Limited, the National Farmers’ Federation, Australian Egg Corporation Limited, GrainGrowers and Meat and Livestock Australia. By working together on a common issue, the key agricultural and research and development organisations aim to develop a better understanding of how taxation issues impact the sector as a whole.
The full report ‘Tax in Agriculture’ can be downloaded HERE.