As part of an assistance program to help drought-stricken farmers, the Government has announced that it will allow primary producers to immediately deduct (rather than depreciate over 3 years) the cost of fodder storage assets, such as silos and tanks used to store grain and other animal feed storage.

This measure, yet to be legislated, will be available for fodder storage assets first used or installed ready for use from Sunday 19.8.2018, and complements the $20,000 instant asset write-off already available for small businesses, the Government said.

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