27 Mar

Tax office postpones changes to crop investment rules

The Australian Tax Office (ATO) has delayed by one year its plan to dump tax breaks for non-forestry managed investment schemes.

The Federal Government last month announced the ATO was changing its interpretation of laws that allowed people investing in crops such as olives, wine and avocadoes to claim upfront tax breaks.

The new interpretation will mean the tax breaks will only continue to exist for tree plantations.

The new rules were to have come into effect from the first of July, but after lobbying from industry the ATO has postponed them for 12 months.

It says this will allow enough time for a test case to be run, which it will seek to expedite through the courts.

[Source] Click here

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