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11 Jan

QFF calls for agricultural insurance stamp duty to be abolished in wake of Boxing Day storms

By Jessica Johnston, Queensland Country Life ABOLISHING stamp duty on agricultural insurance…

By Jessica Johnston, Queensland Country Life

ABOLISHING stamp duty on agricultural insurance in Queensland would help mitigate against natural disasters such as the Boxing Day storms which caused widespread damage to crops on the Burnett and Darling Downs, advocacy groups say.

Queensland Farmers Federation President Stuart Armitage said newly appointed Agriculture Minister Mark Furner should make it his first priority to abolish the tax, which pushed the cost of insuring crops out of reach for some growers.

“In light of the disaster that has happened in the Christmas, New Year period with people losing sheds, silos, and crops, I think this should be one of the first things the incoming Agriculture Minister should do, is get rid of stamp duty on those sorts of insurance,” Mr Armitage said.

“Stamp duty on that is nothing but a tax and there is no way people should have to pay a duty or tax on any effort to help them get through disaster.”

Mr Armitage in the cotton industry, some growers in the Darling Downs were spending $10,000 to $50,000 annually in stamp duty alone.

“It’s a pretty big number for some of the bigger operators in this part of the world.”

Mr Armitage said only 50 per cent of growers at Cecil Plains had crop insurance in the 2015 storm and he expected that would be much the same for those impacted by the Boxing Day storm.

“People who have got full insurance in this latest round of storms have the confidence to keep on going,” Mr Armitage said.

“For a 10 per cent price reduction to the cost of insurance it would make it more palatable to land holders to mitigate … Continue reading QFF calls for agricultural insurance stamp duty to be abolished in wake of Boxing Day storms

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