A new law change means primary producers can claim a deduction for the full cost of a fodder storage asset if they:
incurred the expense either
on or after 19 August 2018
before 19 August 2018 and it was first used or installed ready to go for use on or after 19 August 2018
mainly use it to store fodder
use it in a primary production business on land in Australia - even if they are only a lessee of the land.
Claim the deduction in the year they incurred the expense.
Fodder storage assets include silos, liquid feed supplement storage tanks, grain storage sheds, hay sheds and above-ground bunkers.
If you are impacted by drought, the ATO have drought help (/General/Financial-hardship/In-detail/Help-for-drought-affected-taxpayers) help assistance available or phone them on 1800 806 218 to discuss your situation.
The NSW Government has announced an additional drought assistance package.
The $500 million Emergency Drought Relief Package announced on 30 July 2018 contains:
Approximately $190 million for Drought Transport Subsidies
Approximately $100 million for cutting the cost of farming fees and charges by waiving Local Land Services rates, fixed water charges in rural and regional areas, and class one agricultural vehicle registration costs, and
$150 million to bolster the Farm Innovation Fund (FIF) infrastructure program.
Transport subsidy applications opened Monday 6th August. A subsidy of up to $20,000 per farm business can be claimed, and backdated from 1 January 2018. Please contact the Rural Assistance Authority on 1800 678 593 or click here for information and applications.