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The National Party has declared its opposition to agriculture managed investment schemes and has made its views clear as part of the Parliamentary Joint Committee on Corporations and Financial Services (PJC).
National Party Senator John Williams said in opposing agricultural MIS’s outright, his party was going further than the majority of the members of the PJC.
He said it was unfair that a company could be formed, buy up land, plant trees or horticulture and get an upfront tax deduction but a farmer wanting to buy his neighbour’s property did not get the same incentive.
“This unfair advantage could lead to the ruination of genuine producers,” Williams said.
He said at present, 0.4 per cent of farmland in Australia was planted with trees, but if these MIS’s proceeded, especially under the carbon pollution reduction scheme, as much as 6 per cent of the nation’s farmland could be planted with trees by 2020.
