Minister welcomes tax concession
By FWi staff
FARMERS who have diversified their businesses stand to benefit from a recent concession from the taxman, says junior farm minister Joyce Quin.
Last week the Inland Revenue announced that it was extending the time farmers can offset losses against other businesses.
Now farmers can lose money for seven instead of five years running, while still being able to offset the losses against other income for tax purposes.
This tax relief will help farmers who have made losses for the past few years, but who may have diversified and have other sources of income, said Ms Quin.
The minister said she welcomed the positive approach taken by Inland Revenue to the representations made by the industry for this concession.
The concession will apply for the tax years 2000/2001 and 2001/2002 only.