Tax deductions for primary producers

Accelerated Depreciation for Primary Producers Accelerated Depreciation for Primary Producers provides a tax deduction for assets used in primary production. Open What do you get? Tax deductions for certain depreciating assets used in primary production. Who is this for? Primary producers. Overview The general principles of uniform capital allowance (UCA) apply to most depreciating assets used in primary production. However, the decline in value of the following primary production depreciating assets is worked out using special rules: water facilities used to conserve or convey water fencing assets fodder storage assets, and horticultural plants (including grapevines). A fencing asset includes a new fence, as well as any structural improvement, repair of a capital nature, alteration, addition or extension to an existing fence. Typical fencing assets include: posts rails wire droppers gates fittings anchor assemblies A fodder storage asset is primarily and principally used to store fodder. It may also be a structural improvement, a repair of a capital nature, or an alteration, addition or extension, to an asset or structural improvement, that is primarily and principally for the purpose of storing fodder. Typical fodder storage assets include: silos liquid feed supplement storage tanks bins for storing dried grain hay sheds grain storage sheds above-ground bunkers. A water facility is either: a plant or a structural improvement that is primarily and principally for the purpose of conserving or conveying water, including a repair of a capital nature, an alteration, addition or extension to that plant or structural improvement a structural improvement that is reasonably incidental to conserving or conveying water, including a repair of a capital nature, addition or extension to that structural improvement. Check if you can apply To be eligible, you must be a primary producer as defined by the Australian Taxation Office (ATO) Apply now Apply for the Accelerated Depreciation for Primary Producers Find out more about your eligibility and how to apply. Contact information Phone: 13 28 66