Farmers can now claim an outright deduction for water facilities and fencing
The measure was originally set to be introduced on 1 July 2016.
The change means that all farmers, regardless of the business turnover level, have access to an outright claim for the cost of water facilities such as dams, tanks, bores, pumps and pipes as well as fencing in the year they are purchased.
A deduction for the cost of fodder storage assets can now be made over three years.
The measure is in addition to the government’s $20,000 instant asset write off available until 30 June 2017 for small businesses with a turnover of less than $2 million.
Additional measures for the farming sector and preparation for the damaging effects of drought will be announced in the forthcoming Agricultural Competitiveness White Paper.
OBT’s friendly team in Gatton can help you correctly claim for depreciation and/or instant asset write off so call us on 5462 2277 for more information.
Click here for more information about the government’s drought support measures.