ICOS lobbies for ‘5-5-5’ Income Stability Tool

Dairy industry bosses have called on all political parties and general election candidates to support the ICOS “5-5-5” Income Stability Tool.

This new proposal to counter dairy income volatility combines the existing 5-year income averaging tax scheme with allowing a farmer to voluntarily defer up to 5% of their milk receipts in any one year, plus up to five years in which to draw down the deferred funds as taxable income.

ICOS President Martin Keane said the 5-5-5 tool is needed to help dairy farmers through an unprecedented period of income volatility.