Feds make case for rural bank lending probe
Bankers have been making record profits in the last few years, but those aren’t the only records they’ve been breaking, says Federated Farmers vice president Richard McIntyre.
Federated Farmers president Bruce Wills is urging all farmers in areas declared official drought zones to talk to their accountants following today's announcement that Inland Revenue will exercise its income equalisation discretions to help affected famers meet their tax obligations.
Drought was declared in Northland on Wednesday and is likely to be declared in much of the upper North Island over the next few days.
"This measure has been announced by Inland Revenue for Northland farmers, but I urge all farmers in official drought areas to talk to their accountants about this," Wills says.
"Just because we are having a hard time does not mean we can avoid tax, but if we address this now, farmers in a tight spot now may be able to defer deposits for a couple of months when they will hopefully be in a better cash-flow situation.
"Having this scheme available can be a good tool for farmers, particularly at this time of volatile market prices for primary produce.
"My advice is to go to ird.govt.nz and have a look, then talk it over with your accountant," Wills says.
The Farmers' Income Equalisation scheme provides a mechanism by which farmers can smooth the level of their taxable income. The smoothing is achieved by the fact that deposits into the scheme are tax deductible while refunds from the scheme are taxable.
Eligible taxpayers can deposit money into the schemes in years in which their taxable incomes and marginal tax rates are high and withdraw it in years in which their incomes and marginal tax rates are lower.
South Waikato farm manager Ben Purua’s amazing transformation from gang life to milking cows was rewarded with the Ahuwhenua Young Maori Farmer award last night.
Bankers have been making record profits in the last few years, but those aren’t the only records they’ve been breaking, says Federated Farmers vice president Richard McIntyre.
The 2023-24 season has been a roller coaster ride for Waikato dairy farmers, according to Federated Farmers dairy section chair, Mathew Zonderop.
Ministry for Primary Industries (MPI) director general Ray Smith says job cuts announced this morning will not impact the way the Ministry is organised or merge business units.
Scales Corporation is acquiring a number of orchard assets from Bostock Group.
Family and solidarity shone through at the 75 years of Ferdon sale in Otorohanga last month.