Business Services Industry
Thorny tax issues threaten compensation package.
Australasian Business Intelligence, April, 2007
Byline: Fiona Carruthers
Apr 22, 2007 (The Australian Financial Review - ABIX via COMTEX) -- Farmers may have to pay more in capital gains tax (CGT) on Australian Government irrigation compensation packages than the grants are worth. The assessment comes from PricewaterhouseCoopers, which is assisting the New South Wales Government in a challenge against the Australian Taxation Office. The Federal Government has earmarked $A100m in compensation for about 5,000 farmers in return for cuts to groundwater entitlements. However, it appears that only those farmers who had water licences before 1985 would be exempt from the CGT. Government advisers will discuss the matter with irrigators on 23 April 2007.
Publication Date: 23 April 2007
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