Stamp duty on crop insurance removed

Multi-peril crop insurance stamp duty to be waived for farmers

Cropping
PLEASED: Tim Whetstone.

PLEASED: Tim Whetstone.

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THE bill to waive stamp duty on multi-peril crop insurance policies has passed through the Legislative Council.

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THE bill to waive stamp duty on multi-peril crop insurance policies has just passed through the Legislative Council, despite the former Labor government claiming the exemption in its mid-year budget in December.

Primary Industries Minister Tim Whetstone said the Statutes Amendment and Repeal Bill 2018 was a priority of the new state government and would be gazetted today (Thursday).

“In our first eight months of government, we have had a lot of legislation and amendments that we had to put through the parliament, including the Farm Debt Mediation Bill 2018 and now this MPCI legislation,” he said.

“We hope it gives assurances to primary producers that the government are trying to address their concerns.”

Mr Whetstone also highlighted that the waiving of stamp duty, which is 11 per cent of the overall policy cost, was retrospective.

“Any farmer that has taken out MPCI since January 1 can also apply to claim that stamp duty back," he said.

Mr Whetstone hoped reducing regulatory red tape would mean more farmers would consider whether MPCI was right for their business.

“With the passing of this legislation, some farmers can now start the ball rolling in preparation for next season and see whether they can afford it,” he said.

Grain Producers SA chief executive officer Caroline Rhodes welcomed the legislation passing, highlighting that growers wouldn’t need to seek reimbursements now from Revenue SA.

“Growers can still seek a refund from Revenue SA for policies purchased from January 1, 2018,” she said.

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