THE Federal Government has this week passed legislation making tax changes to allow Australian Carbon Credit Units to be classified as farm income.
The bill will allow primary producers to use carbon income in Farm Management Deposits and only tax carbon credits at the point of sale – previously holders of ACCUs were taxed based on changes in the value each year.
Former agriculture minister David Littleproud made the proposal to classify credits as farm income before the Coalition was voted out of Government. It was welcomed by both the agriculture and carbon industries at the…
