The Queensland Farmers’ Federation (QFF) has renewed calls to remove stamp duty on agricultural insurance in Queensland after the South Australian Government passed legislation to remove stamp duty on multi-peril crop insurance policies.
QFF President Stuart Armitage said Queensland agriculture was calling on the government to complete the much-awaited review into the issue and deliver the same sensible reform to help develop Queensland’s immature market by enabling more affordable insurance options for farmers in the state.
“The Victorian, New South Wales and the South Australian governments have removed this inefficient tax, while our government continues to collect nine per cent on the insurance premium and the GST,” Mr Armitage said.
“With Queensland the most disaster impacted state in Australia and climate projections suggesting more frequent extreme weather events, farmers are looking to better understand, develop and adopt risk management strategies to manage uncertainty, spread risk and maintain business viability.”
“Practical and affordable insurance options could help mitigate the financial impact of extreme weather events on farm businesses and remove some of the burden that falls to government.”
“Due to the limited availability and uptake of crop insurance in Queensland, the loss in tax revenue is minimal, but the potential returns of developing the nascent insurance market in Queensland could be substantial.”
“QFF and our members have been advocating for the removal of this tax for some years. It makes sense and encouragingly, we are seeing a recognition of that by other state governments.”