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Carbon farming: tax issues for primary producers
Published on 01 Oct 22 by "TAXATION IN AUSTRALIA" JOURNAL ARTICLE
Owners of primary production land are increasingly being approached by carbon credit service companies to participate in carbon abatement projects. For many primary producers, this development represents an opportunity to generate additional cash flow by venturing surplus or marginal parts of their land into projects and/or changing to “greener” agricultural practices in order to qualify for eligible offsets projects. This article highlights some of the significant tax issues for primary producers participating in eligible offsets projects. The article not only addresses the carbon credit tax regime itself, but also some of the ancillary commercial, structuring and planning issues that primary producers are likely to encounter when participating in eligible offsets projects. It can be seen that there are a multitude of issues to be considered by primary producers, and therefore their advisers, when contemplating participating in carbon farming projects.
Author profiles
Peter Slegers CTA
Peter Slegers, CTA, heads Cowell Clarke’s Tax & Revenue, Superannuation and Private Client practice groups. Peter advises and acts for a wide range of public and private companies and high net worth individuals and families. Peter’s areas of expertise include income tax (as it impacts on business and high net worth clients), capital gains tax, goods and services tax, state taxes, trust law and superannuation law. Peter has published numerous papers on trust structures and has considerable experience in this area. Peter is also a co-author of the Tax Institute’s SMSF Income Stream Guide and Cowell Clarke’s Australian Agribusiness Advisers’ Guide.
- Current at
16 April 2024
Jackson Jury
Jackson Jury is an Associate in Cowell Clarke’s Tax & Revenue and Superannuation practice groups. Jackson acts for a range of clients in a number of sectors including property sale and development, private clients, agribusiness, not-for-profits and tech start-ups. Jackson’s areas of expertise include all Federal and State taxation law including income tax, capital gains tax, GST, land tax, stamp duty and payroll tax. Jackson has also developed a particular interest in a number of specialty areas including the various state-based land tax regimes across Australia and tax concessions relating to tech start-ups and their investors. - Current at 12 November 2024
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