The Government announced today that it will change the eligibility requirements for the conservation tillage offset following feedback from primary producers.
Eligibility for the offset requires, amongst other things, the purchase of a new eligible no-till seeder, which currently means both the tool and cart.
Fundamentally, it is the tool component that delivers the environmental benefit of conservation tillage. Many farmers continue to use their existing cart when they buy a new seeding tool.
Therefore, the Government will ensure that primary producers who purchase just the tool will be able to access the offset.
"This is a small but important change that will assist the Government's objective of encouraging the uptake of conservation tillage practices", the Assistant Treasurer David Bradbury said.
Consistent with the existing offset, this will apply from 1 July 2012.
The conservation tillage refundable tax offset is available for eligible seeders installed ready for use between 1 July 2012 and 30 June 2015, even if purchased before 1 July 2012. The refundable tax offset can be claimed in a tax return for the relevant income year (2012–13, 2013–14 or 2014–15).