A bill introduced to federal parliament this week aims to incentivise food businesses to donate surplus produce to charities, instead of dumping it.
The cost of living crisis has caused a drastic increase in the number of Australians relying on charities to put food on the table. Some 3.7 million households experienced moderate to severe food insecurity in the 12 months to July last year, according to Foodbank Australia's latest Hunger Report. At the same time, Australia is binning 7.6 million tonnes of produce each year.
A company with a turnover of $20 million or less would get a 45 per cent offset, while those with turnovers above $50 million would receive 35 per cent. The offset for businesses with turnovers between $20 million and $50 million would be 40 per cent. "The tax offset is capped at the lower of $5 million or a percentage of the costs incurred through food donations based on that company's aggregate turnover," Smith said.
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