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Article: Lower Aussie wool tax may cut promo funds. (Australia's lowering of taxes on wool affects funds available to Australian Wool Corp. for promotion)
- Article from:
- Daily News Record
- Article date:
- July 9, 1992
- Author:
CopyrightCOPYRIGHT 1992 Conde Nast Publications, Inc. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan. All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information)
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NEW YORK -- The Australian Government has lowered the tax Australian wool growers pay on their earnings and has set the amount earmarked for the Australian Wool Corp. (AWC) at a level which could result in less funds for international wool promotion.
In reducing the tax rate from 12 percent of earnings to 8.5 percent, Simon Crean, Minister of Primary Industries, has raised the average income to growers by 2,300 Australian dollars (roughly $1,700 U.S.).
The new, lower tax will be apportioned three ways with, out of the 8.5 percent they are collecting from the growers, 4.5 percent going to the Australian Wool Realization Commission (AWRC) to pay back ...