WRITE IT OFF:
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.