Editorial: Sensible move
OPINION: The Government's decision to rule out changes to Fringe Benefit Tax (FBT) that would cost every farmer thousands of dollars annually, is sensible.
The Government’s Covid-19 economic support package is being praised by Federated Farmers.
“We support this package as being decisive and pragmatic,” says Federated Farmers President Katie Milne.
“Coming on top of the Reserve Bank’s similar response yesterday, New Zealand has in the past two days delivered a big stimulus, and quickly.”
“The Government has clearly decided that rather than give everyone a bit of extra money, to instead throw the kitchen sink at those most directly affected, and our most vulnerable people in the hope this will contain the impact on the wider economy.”
Milne says the package’s recognition of the vulnerability of small businesses was pleasing.
“There are a large number of small tourism and family businesses that rely on passing tourists in our rural communities, and they are already hurting.
“These businesses and their staff are in our rural communities and we stand by them.”
Milne also applauds the packages support for small businesses and employees that cannot operate from home.
“It’s also great that the needs of small businesses that cannot operate from home, and whose employees cannot work from home have been targeted for assistance - these people and businesses are the backbone of our rural, provincial, and urban communities alike.”
Federated farmers says the tax changes announced in the package will be useful for businesses in weathering the pandemic.
The tax changes include the reinstatement of depreciation deductions for commercial and industrial buildings, increasing the threshold for provisional tax, waiving interest on some late tax payments, and immediate deductions for low value assets.
However, there’s still some areas Federated Farmers want the Government to offer support on.
“We would like to see some commitment around prolonging the visas of migrant workers in New Zealand, to ensure that our primary producers can continue to produce,” says Milne.
Managing director of Woolover Ltd, David Brown, has put a lot of effort into verifying what seems intuitive, that keeping newborn stock's core temperature stable pays dividends by helping them realise their full genetic potential.
Within the next 10 years, New Zealand agriculture will need to manage its largest-ever intergenerational transfer of wealth, conservatively valued at $150 billion in farming assets.
Boutique Waikato cheese producer Meyer Cheese is investing in a new $3.5 million facility, designed to boost capacity and enhance the company's sustainability credentials.
OPINION: The Government's decision to rule out changes to Fringe Benefit Tax (FBT) that would cost every farmer thousands of dollars annually, is sensible.
Compensation assistance for farmers impacted by Mycoplama bovis is being wound up.
Selecting the reverse gear quicker than a lovestruck boyfriend who has met the in-laws for the first time, the Coalition Government has confirmed that the proposal to amend Fringe Benefit Tax (FBT) charged against farm utes has been canned.
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