Farmers to get tax relief
PA Wellington Farmers in Woodville County whose farms have ■cwji been affected by the recent drought may qualify for tax -=~i relief if they have been ;:* forced to sell livestock, said the Minister of Finance, Mr Douglas. Under the Income Tax--” Act, the assessment of the proceeds from the sale of .«. stock is deferred to the year T* in which the stock is re-X? placed. This benefits fanners, as the whole of the income from the forced sale is available, without any "? deduction for tax, to meet > the cost of replacement j stock, he said. The Inland Revenue De- ' partment will help farmers ; wanting to know if they ■ qualify and will also assist m ; with the procedures for ob- ”, taining tax relief. ; 1
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Press, 15 May 1985, Page 26
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128Farmers to get tax relief Press, 15 May 1985, Page 26
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