IN THIS SECTION:
NFF Buys Farmers Time on Fuel Changes
1 June 2006
THE National Farmers’ Federation (NFF) welcomes the cash-flow security and greater flexibility the Federal Government’s interim changes to the fuel tax credit system will give farmers, with the new arrangements now phasing in over two years – rather than effective from 1 July 2006.
“The NFF has been overwhelmed by concerns from members on the likely impacts of the proposed fuel tax credit changes on farm cash-flow, which would have required farmers to claim their fuel tax credit through their Business Activity Statement (BAS),” NFF President Peter Corish said.
“Today’s announcement will provide farmers a two-year reprieve, allowing them to continue to claim their credits directly (through a separate form), ensuring they can get their fuel credit at a time that suits their business.
“The two-year phase in will provide farm businesses with the opportunity to adjust their fuel purchasing cycle to better align with their BAS cycle, ensuring they receive a timely refund of the fuel tax credits and avert any cash-flow difficulties.
“NFF has strongly urged the Federal Government to provide further options for farmers to claim their fuel tax credits, allowing them to select the best arrangement for their business, and to maximise cash-flow and slash red-tape.
“While welcoming the phase in arrangements, Australian farmers will justifiably question why, if the Australian Tax Office (ATO) can manage a flexible claim system over the next two years, this flexibility cannot be a permanent feature of the fuel tax credit system?
“With the price of diesel rising over 20% in the last 12 months and no reprieve in sight, the issue of fuel will remain ‘top of mind’ for farmers and regional Australians for a long time to come.”
NFF will be providing evidence to the Senate Economics Committee’s Inquiry into the Fuel Tax Bill 2006 on Monday 5 June 2006.
NFF’s Submission to the Senate Economics Committee’s Inquiry into the Fuel Tax Bill 2006 is available upon request.
Media Enquiries: Brett Heffernan, NFF Public Affairs, (02) 6273 3855 or 0408 448 250 email:
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