Under the Federal Budget handed down this month, farmers can instantly write off the full value of machinery purchases. Previously, a portion would have been tax-deductible in the first year, and the rest would have depreciated over future years.
The Federal budget is out and it’s a once in a generation budget to rebuild and tame the recession. Business is at the heart of our economic recovery with a range of support measures and the creation of jobs.
Farmers have applauded the federal government’s decision to extend its $150,000 instant asset investment write-off offer until December after many businesses highlighted the previous deadline was too short to make practical use of the incentive.