Jarrad Turner.
Many farmers are still unaware that they are entitled to a 5 per cent reduction in their business income tax bill this financial year.
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The reduction is available to all small business farmers who trade as sole traders, partnerships or family trusts.
Due to the relatively complex nature in calculating the offset, special attention will be required in the preparation of 2015/16 income tax returns to ensure the tax reduction is claimed correctly and the maximum benefit is obtained.
