UPDATES TO "$20K Instant Asset Write-Off Ending Soon"
- Extended for another year to 30 June 2018;
- Small business has been re-defined to those with annual turnover less than $10 million (for the financial year ending 30 June 2018).
Please note, this financial year is almost over - ensure you make your purchases before 30 June 2017 to take advantage of the previous provisions this financial year!
DEDUCTIONS AVALIABLE TO PRIMARY PRODUCERS
- Capital expenditure on fodder assets. See what fodder assets Coerco offers here.
- Capital expenditure on a water facility. A water facility is plant or a structural improvement, or an alteration, addition or extension to plant or a structural improvement that is primarily and principally for the purpose of conserving or conveying water.
- Pumps for fire-fighting please note that it is only the pump component of the equipment that will be deductible under this section.
Purchase these products before 30 June 2017 in order to claim these deductions this financial year! Call us today on 1800 646 277 to ensure that you don't miss out!
OTHER FEDERAL BUDGET UPDATES RELEVANT TO AGRIBUSINESS
- $12.7 million provided to WA for the period 1 July 2017 to 30 June 2020 for road infrastructure projects said to improve the northern cattle supply chains [Source p.48].
- A share in $85 million for a Sustainable Agriculture small grants program [Source p.97].
- A share in $28.5 million over 4 years to streamline the delivery of the Farm Business Concessional Loans Scheme [Source p.61]. The Farm Business Concessional Loans Scheme has also been expanded to include farmers who have exhausted their Farm Household Allowance [Source].
- $8.3 million over 4 years to assist livestock exporters to meet their regulatory requirements to ensure that animals are treated in accordance with international guidelines [Source p.62].
- An amount yet to be determined to strengthen Australia's food safety import requirements in order to minimise the risk of unsafe food coming into Australia [Source p.63]. Hopefully this means there will be less of those nasty bugs to infect Aussie crops.
- Changes to levies on bananas, avocados, seed cotton, tea tree oil, thoroughbreds and laying chickens [Source p.7-8]. These are not consumer or consumption taxes- they will hit the applicable industries who have in turn received concessions from the goverment to an equal value [Source].
* Please note that the information given is here is for informational purposes only and that no guarantees are made concerning the accuracy, reliability and completeness of the information. Coerco is not a taxation specialist and as such recommends that you consult your taxation specialist to ensure the duductibility prior to making any decisions based on this information.