As part of reforms by the Australian Government regarding the Carbon Tax, the Conservation Tillage Machine Refundable Tax Offset has been repealed.
This will come as a shock to many farmers who expected an additional year take advantage of the program to update their no till equipment or commence no till practices. Although the offset expires in June farmers will want the equipment in April at the latest to plant their 2014 winter crops. This means that there is even less time to take advantage of the incentive.
The offset available is 15% off the purchase price of the new equipment. The offset applies only to new no-till seeding implements, with or without a seed cart. To be eligible equipment must be delivered and installed before the 30th of June 2014. Participants will also need to fill out a Research Participation Certificate to be eligible. Please seek advice from your financial advisor to ensure you, and the product you are looking at, are eligible for the tax offset.
“This is a massive saving worth about $40K on a 40ft disc machine” explained Noel Tobin, Managing Director of Tobin No Till, and continued to say “I’m shocked that the government has taken such action and with such short notice”. The news comes as farmers are waist deep in harvest for 2013 and might not realise the repeal has occurred. Those looking to invest in a new Tobin No-Till planter will need to act quickly to ensure machine availability.
Additionally November 2013 is the last month that the Tobin No-Till early order program runs. The early order program from Tobin No-Till, in combination with the government tax offset, will lead to massive savings for operators and make a good difference to their bottom line. Contact Tobin No-Till or your Tobin Dealer and discover just how much you will benefit by making a solid decision this November.
For More Information:
Australian Government Department of Environment – Consultation Paper
Further Information from Tobin No Till