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Half Australia's farms are in trusts. So what does tax reform mean for farmers?
Key takeaways
- NSW farmer Tony Flanery is concerned that changes in the federal budget to the way family trusts are taxed will affect his family's future.
- Farmers use trusts to protect their assets, distribute income within their families and ensure the farm can be passed on to the next generation without incurring a large tax bill.
- The importance of trusts in managing farm finances has led the federal government to provide an exemption for primary producer income from the new minimum 30 per cent tax on trust income.
Why this matters: an international story with cross-border implications worth tracking.
NSW farmer Tony Flanery is concerned that changes in the federal budget to the way family trusts are taxed will affect his family's future. (Supplied: Tony Flanery)
Link copied Share Share article Half Australian farms are held in family trusts, so how will farmers be affected by the federal tax overhaul?
Farmers use trusts to protect their assets, distribute income within their families and ensure the farm can be passed on to the next generation without incurring a large tax bill.
Article preview — originally published by ABC Australia. Full story at the source.
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