Statistics show that roughly 40%of people have experienced some amount of financial loss because of procrastination. With the end of the financial year just around the bend, it's important that you save some time, money, and hassle by beating the end of financial year rush and ordering your new farm shed now. Don't put it off and miss out on some of this year's tax reduction.
The end of June sneaks up on us every year. As farmers, we've got a lot going on this time of year and it's hard to keep our priorities straight. But by putting off investing in your new farm shed, you could be missing out on lots of money and great time savings in the long run.
Also, make sure that everyone you know in the agricultural industry remembers the tax incentives that are available to them:
Businesses can buy any machinery or equipment related to their business if each item is valued at less than $20,000 and can claim the full amount to reduce your tax bill. There is no limit to number of items you can claim.
Small businesses can depreciate over three years the cost of fodder storage assets such as silos and tanks used to store grain and other animal feed.
Fodder Storage Tax Incentive
As a primary producer you may be entitled to claim a deduction for capital expenditure incurred on your Fodder storage assets. Your deduction is limited to capital expenditure you incur for the construction, manufacture, installation or acquisition of a fencing or fodder storage asset.
All of our structures are constructed from high-grade Australian structural steel, providing an investment that will last a lifetime through even the harshest weather. From design and fabrication to construction and installation, Wheatbelt Steel makes the process of ordering your new farm shed as simple, timely, and budget-friendly as possible.