Moving quickly to see the abolition of stamp duty on agricultural insurance in Queensland should be newly appointed Agriculture Minister Mark Furner’s first move according to Queensland Farmers Federation President Stuart Armitage.
“It’s the cost of insuring crops out of reach for some growers and tis abolition would help mitigate against natural disasters such as the Boxing Day storms which caused widespread damage to crops on the Burnett and Darling Downs.”
“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 says 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.”
“On behalf of the QFF, and in particularly cotton and also grain industries this time, the Government needs to do what they have done already in Victoria and NSW which is get rid of it.”
“I think we can realistically expect the removal of stamp duty within the next six months and it is something the incumbent Agricultural Minister should be looking at his earliest convenience.”