Fodder Storage Tax Advantage for farmers.
DID YOU KNOW?
Last year on May 12, the Federal Treasurer announced $70 million for farmers to encourage drought preparedness.
The Government will provide an immediate tax deduction for water facilities and allow farmers to depreciate over three years capital expenditure on fodder storage assets. This was originally commencing on July 1 2016.
At the National Press Club in Canberra on May 27, Hon Barnaby Joyce, Minister for Agriculture, and the Hon Bruce Billson, Minister for Small Business confirmed the program would now be in effect from May 12 2015.
What does this mean for you?
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 2015.
Talk to Bison Constructions about this new initiative for more information.
You can read more detail on the ATO Website a the following Links