WRITE IT OFF:

North East & Goulburn Murray Farmer - - END OF YEAR MACHINERY GUIDE -

If you haven’t already, now is the per­fect time to up­grade that piece of farm­ing equip­ment that has been rot­ting away in the shed. A farm is able to write off any as­set bought be­fore July 1, pro­vided it cost less than $20,000. This is pro­vid­ing the busi­ness has a turnover of less than $10 mil­lion, and that the as­set was first ready for use in the 2016/2017 fi­nan­cial year. The write-off thresh­old has been ex­tended to June 30, 2018. For more in­for­ma­tion, con­tact your local tax agent.

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