The start date of the accelerated depreciation measure announced in the 2015 Budget available for all farmers regardless of the size of their farm has been brought forward to 12 May 2015 from 1 July 2015.
Australian farmers can now claim a tax deduction on all capital expenditure on water facilities, fodder storage assets and fencing incurred since the 2015 Budget was handed down at 7.30 pm on 12 May 2015. Farmers can fully deduct the cost of water facilities and fencing in the year they are purchased and deduct the cost of fodder storage assets over three years. Farms with turnover of less than $2m qualify as a small business and are therefore also eligible to immediately write-off all asset purchases up to $20,000.
Further measures to support farmers who are preparing themselves for the damaging effects of drought will be announced in the forthcoming Agricultural Competitiveness White Paper.
Source: Treasurer’s media release, 27 May 2015.
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