By ERWIN CHLANDA
Developing managed deposit accounts for the cattle industry, operating similar to superannuation for wage earners, were a key topic at last week’s drought summit in Canberra, according to Alcoota pastoralist Chris Nott (pictured), president of the NT Cattlemen’s Association.
He says such accounts would allow pastoralists to put in money during good seasons for use in droughts, while receiving tax concessions similar to those available to retirees.
Mr Nott says these schemes are currently available only for sole traders and partnerships, and are limited to $800,000: Cattle stations would need more in severe dry seasons to cope with a cycle of de-stocking and re-stocking.
Apart from weather and rainfall, Mr Nott says so far as the cattlemen in The Centre are concerned, a managed deposit accounts scheme, and Federal relief, would need to be applied to market fluctuations such as live export bans, bushfires, floods and biosecurity issues including disease outbreaks.
Mr Nott says other discussions at the summit had been about starting business management courses in dealing with exceptional circumstances, drawing up feed budgets, and having government extension officers based in Alice Springs.
These would need to be supplied by the NT Government which attended the summit, together with all other states, banks, farmer organisations and charities.
Another burden for the people on the land are education costs, some $50,000 a year per child attending colleges interstate, with air fares a major expense.
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Saturday, April 20, 2024
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