Major changes in the agricultural white paper
The Agricultural White Paper was recently released and it contains some interesting ideas that we hope will become law as the policy cycle unfolds. Key proposals include:
- Allowing a return to income averaging after 10 years out;
- Simplified depreciation for fencing expenses allowing an immediate deduction in the year of purchase (which now matches general practices!); and accelerated depreciation for fodder storage (three years) and water facilities (immediate);
- An increase in the individual FMD limit to $800,000 and most importantly these funds will be able to be offset against other debt to reduce interest payments – which is an excellent idea.
- Tighter restrictions on foreign ownership and a foreign ownership register.
- Easing of restrictions on seasonal workers from overseas.