Farming Body Warns Trust Tax Exemption Won’t Cover All Farm Income
The NFF said income from activities such as leasing farmland, processing produce, agritourism, hosting renewable energy projects might still be taxed.
TL;DR
- Farm families may still face the government's proposed trust tax, even with an exemption for farming income.
- The proposed tax targets a minimum 30 percent on discretionary trust income from July 2028.
- Activities like cellar doors, farm stays, wind turbines, leasing farmland, processing produce, agritourism, and environmental schemes could still be taxed.
- The National Farmers' Federation (NFF) raised these concerns in a submission to a Senate inquiry.