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Horticulture in favour as tax year nears end
18 Apr 2005
A new crop of managed rural investment projects hopes to attract up to $1 billion in investment from high income earners with tax breaks in mind. Project promoters say they expect to exceed the $650 million that was raised ahead of last year's June 30 tax deadline. Australian Agribusiness Group, a consultancy, said they expected managed rural investments would raise around $900 million. This class of investment lost favour following a Tax Office crackdown in 2001, when more than 57,000 investors were hit for $4.3 billion in back-tax and penalties after the government outlawed 231 schemes including tax-losing ti-tree farms, vineyards and macadamia orchards. Investor offerings this year shows a shift away from eucalypt plantations and olives and towards horticulture, including almonds, sandalwood, teak and mahogany.
The Advertiser, 18/04/05
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