FODDER STORAGE ASSETS - IMMEDIATE TAX WRITE OFF


Primary producers can immediately deduct (rather than depreciate over three years) the cost of fodder storage assets, such as silos and hay sheds used to store grain and other animal feed storage, making it easier for farmers to invest in and stockpile fodder.

Additionally, farmers will be better placed to invest in fodder storage as part of the instant depreciation initiative. This measure will be available for fodder storage assets first used or installed ready for use from 19 August 2018, and complements the $20,000 instant asset write-off already available for small businesses. Legislative changes will be made to give effect to this measure.

See here for more information.