Open front hay shed

Planning A Shed Project For This Financial Year?

If you are planning a new shed project for this financial year, there are two main government tax write-off incentives that you can take advantage of.

Full Tax Write-Off For Fodder Hay Sheds

Introduced as part of the government’s drought policy, the instant write-off for fodder storage assets allows a primary producer to claim a deduction of the full cost of a fodder storage asset.

Eligible assets include hay sheds and grain storage shed, provided they meet the needed requirements.

Learn more about the incentive here

Temporary Full Expensing

  • From 6th October 2020 until 30th June 2023, businesses with a turnover of up to $5 billion will be able to deduct the full cost of eligible depreciable assets in the year they are first used and installed.
  • Assets can be of any value.
  • There is no limit to the number of eligible assets that can be written off.
  • The assets purchased must be installed and ready to use by 30th June 2023.
  • Legislation will need to be passed for the incentive, but it is expected to have the support of the Opposition party.
  • The cost of improvements made to existing eligible assets can also be fully written-off from 6th October 2020 to 30th June 2023.

Learn more about this incentive here



Please note that this information is general only. Please consult your accountant before making any financial decisions.

Share this article!

Like this article?

Here’s a few more that might interest you.