Goulburn: (02) 4821 1011
Braidwood: (02) 4842 2880

Primary Producers

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. 

For more information on the NSW Government’s emergency drought relief package visit www.droughthub.nsw.gov.au.

Please see below pay rates for Station Hands, Farm Hands and Shearing Operations for the 2018/2019 year:

 

Effective 1 July 2016 the Minimum Rates of Pay will increase by 2.4%.  For more information please click here

We thought our clients may find this article an interesting read on farming in the future.  Please click here to go to article.

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 7:30pm on 12 May. 

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 a turnover of less than $2 million qualify as a small business and are therefore also eligible to immediately write-off all asset purchases up to $20,000. 

The government have brought forward these changes to begin from 1 July 2016 to 12 May 2015.  For the full article click here.

Changes have been announced to improve scrutiny and reporting of foreign purchases of agricultural land. 

For more information please click here.

Thresholds will be increased and existing FMD's will be able to be consolidated.

Click here for more information

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