Hay shed with round bales stacked

Can I Claim My Hay Shed As A Tax Deduction?

  • 5 Minute Read

Can I claim my hay shed as a tax deduction?

The short answer is; yes, provided certain requirements are met.

A tax write-off incentive introduced as part of the government’s drought assistance program means that a primary producer can instantly write-off the full amount of a fodder storage asset i.e. a hay shed.

Some of the requirements include:

  • The expense was incurred on or after 19th August 2018. Or before 19th August 2018 but the asset was first used – or installed ready for use on or after 19th August 2018.
  • The asset is mainly used to store fodder.
  • The asset is used in a primary production business on land in Australia – even if you are only a lessee of the land.
  • The deduction has to be claimed in the year that the expense was occurred.
  • Learn more about the requirements, definitions of key words and answers to FAQ in this article.
Hay shed with round bales stacked

If you aren’t eligible for the 100% write-off of your hay shed, you may qualify for Temporary Fully Expensing which allows the full cost of any eligible asset to be written off.

**Disclaimer** Please note that this advice is general only and examples used are general in nature Speak to a qualified accountant to find out how this would apply to your business.

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