New immediate deduction for primary producers

Legislation passed Parliament in September enables 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.

Taxation can be a major cost to your business. We will work in partnership with you to minimise your tax and help you achieve your key objectives. Call us in Ballina or Byron Bay on 02 6686 3000.