Important Tax Tips for Primary Producers Post Instant Asset Write-Off

Attention primary producers! With the instant asset write-off now finished, managing your equipment trades and avoiding unexpected tax bills is crucial. As livestock prices fluctuate and climatic conditions impact your farm, here are some tips to minimise your tax:

Water Conveyancing/Conservation:
Expenses for pumps, piping, and irrigation are fully deductible.

Fencing:
Internal and external fencing qualifies for accelerated depreciation and full deductibility.

Fodder Storage Assets:
Items like silos, grain bins, and liquid feed storage tanks are also deductible.

Plan your capital investments and match purchases with your farm’s cash flow. A solid 5 to 10-year plan can make a significant difference.