Previously fodder storage could only be depreciated by a fast-tracked method if the asset was purchased for under $20,000 and you met the small business criteria. The ATO has released new legislation which now means that assets used for fodder storage including; silos, above ground bunkers, storage tanks, and hay sheds, can now be fully depreciated in the year of purchase.
The legislation specifies that this deducted is only available for storage purchased with main purpose of storing fodder for the farmer's own livestock and not predominately for trading of grains- although at this stage we are unsure how the ATO plan to track this!
Have you recently purchased some on farm grain storage? You may still be eligible for this concession if the expense was either purchased:
Want to know what this could mean for your business? Get in touch with us!
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