New immediate deduction for primary producers
Legislation that passed Parliament last month will enable primary producers to claim an immediate deduction for fodder storage assets such as silos and hay sheds used to store grain and other animal feed.
The deduction is available if the primary producer first uses the asset or has the asset installed and ready for use on or after 19 August 2018.
The immediate deduction can be claimed in the year the expense is incurred. Prior to this date, primary producers could generally only deduct the cost of these assets over 3 years.
This is one of several measures announced as part of the Government’s package of drought assistance measures which are intended to aid drought-affected farmers.
- Farm Household Allowance: provides eligible farmers and their partners experiencing financial hardship with assistance through planning and training for long-term financial improvements as well as income support. To seek advice on eligibility or for how to apply assistance contact Carrick Aland on 07 4669 9800 in the first instance.
- Business and farm concessions and funding: For business and farming enterprise there is a range of concessions and funding you can access. Many businesses simply don’t realise the opportunities available to them, which we outline here.
- Drought help and support: Are you impacted by drought? Read how the ATO can make tax easier while times are tough.