“IN the wake of the Bamford High Court decision in March 2010, the National Farmers’ Federation (NFF) raised serious concerns about farmers being caught up in unintended red tape and denied access to normal trust provisions,” NFF CEO Ben Fargher explained today.
“Overnight, the government announced that new legislation will be introduced next year to guarantee that beneficiaries of trusts can continue to use primary production averaging and Farm Management Deposit provisions.
“If not amended the changes threatened to cripple farmers operating under trust arrangements, restricting them from tax averaging benefits and Farm Management Deposits.
“The government’s recognition of these issues and move to correct them, given our eight-month discussions to correct these unintended consequences, will come as a great relief to thousands of farmers and their families operating under trusts.
“On the back of our discussions, we will also be raising options to simplify the trust system for farmers and other small businesses in the New Year.”
[ENDS]
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