But the Greens party say it is flawed and they are working with the Nationals and the Liberal Senator Bill Heffernan to have it overturned.
They say people shoud not invest yet because the scheme might not last.
Nationals Senator Ron Boswell says he is happy to work with the Greens to try to convince other Liberals and Labor to overturn the scheme.
"My position is I don't want to see 85,000 hectares of good arable ploughable sugarcane country, or banana country, or tomato country, dairy famers, go under trees," he said.
http://www.radioaustralia.net.au/news/stories/200806/s2287316.htm?tab=latest
Australian Green senators want to overturn forest policy (radioaustralia.net)
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Australian senators opposed to the new scheme of tax breaks for forests have warned investors not to invest money, even though the law has been passed. The scheme gives a tax deduction for new forests, referred to as carbon sinks which are intended to draw carbon dioxide out of the atmosphere.