Research, Development and Deployment (RD&D), Research, Development and Deployment (RD&D)>Demonstration project, Information and Education>Information provision, Information and Education>Advice/Aid in Implementation, Economic Instruments>Fiscal/financial incentives>Tax relief, Research, Development and Deployment (RD&D)>Research programme
The Carbon Farming Futures Program was initially established as part of the Australian Government’s AUD 1.7 billion Land Sector Package, which was announced as part of the Clean Energy Future Plan (now superceded).
The programme allows farmers and other land managers to benefit from the economic opportunities of the Carbon Farming Initiative (CFI), which is now incorporated into the Australian Government's Emissions Reduction Fund, and helps Australia to achieve its long-term emission reduction targets.
The Carbon Farming Futures Program initially comprised five elements:
Filling the Research Gap: supported research into abatement technologies and practices that reduce greenhouse gas emissions from the land sector, store carbon in the landscape and enhance sustainable agricultural practices. The research outcomes supported the development of offset methodologies under the CFI.
Action on the Ground: assisted with the on-farm trialling and demonstration of practices and technologies to reduce agricultural sector greenhouse gas emissions and/or the storage of carbon in the landscape.
Extension and Outreach: delivering technical information and support to farmers and land managers about greenhouse gas emissions mitigation practices and the benefits of creating land-based carbon credits through participating in the CFI.
Conservation tillage refundable tax offset: provision of a 15 per cent refundable tax offset for new conservation tillage equipment installed between 1 July 2012 and 30 June 2015.
Methodology Development Program: conversion of research into estimation methodologies for use in the CFI. The multiple components of this program are managed by different agencies. The Department of Agriculture, Fisheries and Forestry (DAFF) administerd the Filling the Research Gap, Action on the Ground and Extension and Outreach programs. The Department of the Environment administers the Emissions Reduction Fund. The conservation tillage refundable tax offset was jointly administered by DAFF, the Australian Taxation Office and Treasury.