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.
Federated Farmers president Bruce Wills is urging all farmers in areas declared official drought zones to talk to their accountants following today's announcement that Inland Revenue will exercise its income equalisation discretions to help affected famers meet their tax obligations.
Drought was declared in Northland on Wednesday and is likely to be declared in much of the upper North Island over the next few days.
"This measure has been announced by Inland Revenue for Northland farmers, but I urge all farmers in official drought areas to talk to their accountants about this," Wills says.
"Just because we are having a hard time does not mean we can avoid tax, but if we address this now, farmers in a tight spot now may be able to defer deposits for a couple of months when they will hopefully be in a better cash-flow situation.
"Having this scheme available can be a good tool for farmers, particularly at this time of volatile market prices for primary produce.
"My advice is to go to ird.govt.nz and have a look, then talk it over with your accountant," Wills says.
The Farmers' Income Equalisation scheme provides a mechanism by which farmers can smooth the level of their taxable income. The smoothing is achieved by the fact that deposits into the scheme are tax deductible while refunds from the scheme are taxable.
Eligible taxpayers can deposit money into the schemes in years in which their taxable incomes and marginal tax rates are high and withdraw it in years in which their incomes and marginal tax rates are lower.
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.
OPINION: Dust ups between rural media and PR types aren't unheard of but also aren't common, given part of the…
OPINION: The Hound hears from his canine pals in Southland that an individual's derogatory remarks on social media have left…