Farmers to save with stamp duty cuts
Come New Year’s Eve, farmers and landholders will be waiting for the clock to strike twelve with the NSW Government’s stamp duty on crop and livestock insurance to be abolished in 2018.
Outlined in the 2017-18 Budget, farmers will save 2.5 per cent duty rate on their insurance premiums against damage to crops, livestock and insurance, saving them thousands each year.
Supporting our regional economies through expanding production and improving sustainability has been a key element in the NSW Government’s 2017-18 Budget.
Every year farmers and landowners who take out or renew insurance on their crops against loss from physical damage during the growth of their product and its storage and transportation. Primary producers do the same to cover their livestock against death, loss of genetic material and theft.
Removing the stamp duty will provide instant relief to our hard-working farmers who choose to take out insurance. According to a recent Independent Pricing and Regulatory Tribunal multi-peril crop insurance review, the elimination of stamp duty will save farmers on average over $1,000 on their policy – a welcome change.
Also included in the 2017-18 Budget was a $65 million investment over the next 10 years for an historic research and development partnership with the Grains Research and Development Corporation to extend research into winter crop development, infrastructure capacity development and skills development as well as $15 million for the AgSkills industry to support the NSW agriculture sector to attract and retain workers.
For more information, please contact the Office of State Revenue on 1300 139 817