Since the 19th of August 2018, fodder storage assets have been eligible for accelerated depreciation for primary producers. Those who incur a capital expense on a fodder storage asset can deduct the cost in the same income year that it was incurred, even if you are only a lessee of your land. This legislation has been key in supporting primary producers and the industry to keep more money in their pockets. Prior to this legislation, deductions for this type of building would have taken between 3 – 40 years.
If you are a primary producer, you can take advantage of this government incentive with one of our Hay and Fodder Sheds. There are no restrictions on the size or cost of your shed, as long as it is used primarily and principally to store fodder.
Check out our Hay and Fodder Sheds or read more about the benefits of buying a Now Buildings Hay and Fodder Shed.
Image: Now Buildings Hay and Fodder Shed
This tax deduction applies to any capital expenditure you incur on construction, manufacture, installation or acquisition of a fodder storage asset. However, this only applies to fodder storage assets that are for use in a primary production business that is conducted in Australia. The fodder storage asset must be used primarily and principally for the use of storing fodder, such as; hay sheds, grain storage sheds, etc.
*Please check with your accountant.
To find out more about Primary Production Depreciating Assets, click here.
Also check out our latest blog, Top 5 Benefits of the Now Buildings Hay and Fodder Sheds.