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Jun 25

Farmers: Write your new hay shed off over three years

The Tax Office says that farmers will be able to write-off the cost of a new hay shed over three years, provided it is used primarily and principally for the storing of fodder.

The new write-off would also apply to an alteration, addition, extension, structural improvement or capital repair, again, provided that it was used primarily for storing fodder.

It can also be incidentally used for other purposes, like the storage of a tractor provided the main use is the storage of fodder.

The expenditure can be deducted in equal amounts over three years beginning from the year which the capital expenditure was first incurred.

The legislation for this 2015 Commonwealth Budget item has now gone through the Parliament and represents a major benefit for our farming sector.

 

Andrew and Tony Lovett

23 June 2015

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CONSULTING ACCOUNTANTS . TAXATION SPECIALISTS . BUSINESS IMPROVEMENT