New law for fodder storage assets
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 or before 19 August 2018 and it was first used or installed ready 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 expense is incurred.
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 has drought help assistance available – phone Flor-Hanly accountants in Mackay on 07 4963 4800 to discuss your situation.