Depreciate fodder storage
❝ ...we’re helping cover the cost of new sheds, silos and other storages.
— David Littleproud
FARMERS can claim accelerated depreciation on new fodder storages, following changes made by the Coalition Government. And those receiving Farm Household Allowance who are forced to sell livestock during the drought, may continue to receive FHA payments if the profits are deposited into a Farm Management Deposit account.
Minister for Drought David Littleproud said this meant farmers could, this financial year, claim the entire depreciation for feed storages built last year.
“Farmers need to store more feed for their animals during drought, and we’re helping cover the cost of new sheds, silos and other storages,” Minister Littleproud said.
“The accelerated depreciation for fodder storages joins existing measures to help farmers depreciate water infrastructure and fencing costs.
“Also, those farmers receiving Farm Household Allowance who sell livestock due to hardship such as drought will not have that affect their FHA payment, so long as they put the sale money into their Farm Management Deposit.
“This is a step to make sure farmers aren’t penalised for doing the right thing and will help producers set money aside for re-stocking when the drought breaks.”