FARM insurance bills will be slashed next year under a new wave of tax cuts in the NSW Budget announced today.
From January 1, 2018, duties on crop and livestock insurance will be abolished which will save farmers $12 million over the next four years.
“The changes will free up cash to help farmers grow and support our regions – a stronger regional economy means the whole state benefits,” said the NSW Treasurer Dominic Perrottet.
The government will also abolish insurance duty for small businesses on commercial vehicle insurance (including aircraft) as well as professional indemnity and public liability insurance.
Altogether these cuts are expected to save farmers and small businesses $330 million over the next four years.
“Our reforms send a strong signal to the market that this state continues to be a great place to do business,” he said.
Facing ag forward
Cash to future-proof farm and agribusinesses in NSW was delivered in today’s budget. In total, $965m was allocated to the primary industries sector for 2017-2018.
- $75m was set aside to for the Farm Innovation Fund which helps producers prepare for future droughts.
- $15m over four years was directed to the AgSkills strategy to help the cotton and grains sector attract new workers and skill-up existing workers.
- $6m was allocated to the Young Farmer Business Project over the next four years. The project helps the next generation of farmers build their financial and risk management skills.
NSW Primary Industries Minister Niall Blair said this year’s budget would look after primary producers well into the future.
“This budget sets the foundation for the next stage of innovation and development, along with our goal to achieve 30 per cent growth in the value of primary production by 2020 – a target we are well ahead of,” Mr Blair said.
Regional business win
Small businesses in regional NSW will continue to receive face to face support and business advice thanks to a $7.5m boost to the Business Connect Program.
The program dedicates 70 per cent of its services to regional NSW. It helps businesses plan, adapt to digital disruption and survive the impact of natural disasters.