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Can you claim a tax deduction for your new Shed?

Can you claim a tax deduction for your new Shed? feature image
| Posted in: Advice & Info

On April 2, 2019, the Treasurer, the Hon. Josh Frydenberg MP, as part of the 2019-2020 Budget, announced the increase of the instant asset write-off from $25, to $30 000, and an increase in the Business turnover threshold from $10million to $50 million. This is from the Announcement, 7.30 pm on 2 April 2019.

This "allows eligible small businesses including those in primary production, to continue claiming a full deduction for business assets in the year they are purchased and/or installed", as per the Department of Agriculture website. This can include new farm sheds if you are eligible. This will help those businesses and farmers to improve their planning and cash flows.

So, from 7.30 pm April 2, 2019 to June 30, 2020 available to those who qualify, a $30 000.00 Instant Asset write off up to a Turnover Threshold of $50 000.00. 

Hay shed on a farm filled with machinery

Do you qualify for an Immediate deduction for fodder storage shed?

The Department of Agriculture continues to say "primary producers may be able to immediately deduct (rather than depreciate over three years)" the cost of fodder (hay) sheds. A shed to store grain and other, animal feed. Primary producers who store fodder for sale may also qualify.

Come and see us at McHugh Steel, 17 Phoebe Crescent, Bundaberg for all your new farming shed requirements. If you already know what you need, why not submit a shed quote know. We’ve got you covered. Every farmer needs to take advantage of the tax deductions.

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