A series of measures have been proposed to help support our farmers.
From 1 July 2018, primary producers will no longer have to include net income generated from the forced sale of their livestock when working out their eligibility for the Farm Household Allowance program.
For vehicles acquired on or after 1 July 2019, eligible primary producers and tourism operators can now claim a refund on luxury car tax paid up to a maximum of $10,000. This is an increase on the current maximum refund of $3,000.
Primary producers will receive income tax exemptions for the receipt of certain grants, including:
- Qualifying grants to those affected by the North Queensland Floods in January 2019 – small businesses and not-for-profit organisations will also be eligible for this exemption;
- Payments to those affected by the storms in Fassifern Valley, Queensland in October 2018.
Extending deductible gift recipient status to Men’s Sheds and Women’s Sheds
From 1 July 2020, Men’s Sheds and Women’s Sheds can access deductible gift recipient status.