May 28, 2015
The Federal Government has brought forward Budget measures to support farming families by enabling them to immediately write-off capital expenses on water facilities, fodder and grain storage assets and fencing.
“This announcement is great news for all farming enterprises – from horticulture, orchards and irrigation to piggeries and feedlots,” Member for Maranoa Bruce Scott said.
“This Liberal National Coalition Government is committed to growing regional Australia by supporting infrastructure, employment and small business – that’s why we’ve brought forward this Budget measure to help farming families now.
“I listened to the many farming enterprises in the Maranoa that wanted to start building fences, water facilities and fodder storage now – not next year.
“I took this feedback to my colleagues, which has led to this great initiative being brought forward.
“All farming businesses can now claim a tax deduction on all capital expenditure on water facilities, fodder storage assets and fencing incurred since the Federal Budget was handed down on May 12.
“Farming businesses can fully deduct the cost of water facilities and fencing in the year it was purchased and deduct the cost of fodder and grain storage assets over three years.
“These measures are in addition to the small business package. Small businesses – this includes farms with turnover of less than $2 million – can also claim an immediate tax deduction for each and every work-related asset purchase up to $20,000.
“The current drought has affected every corner of my electorate and this government is committed to supporting your family, your small business, your farm and your community.”
