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Timber projects net huge tax refund
9 Jul 2004
Agribusiness managed investment schemes generated over $600 million in sales over 2003-2004, according to two reports. Australian Agribusiness Group found the schemes raised $665 million, while Adviser Edge reported sales of $610 million.
There were 64 projects, with the average investment at $42,400 per investor. Timber projects made up half of the total and raised $506 million, 76 per cent of the capital. Other projects involved wine/grapes, $57 million; horticulture, $49 million; olives, $11 million; and "other", $41 million.
AAG said investors will receive about $295 million in refunds if they're on a 48.5 per cent tax rate.
The Age, 9/7/04.
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