Planning A Shed Project For This Financial Year?

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

 

Open Front machinery shed

 

Full Tax Write-Off For Fodder Hay Sheds

Introduced as part of the government’s drought policy, the 100% instant write-off for fodder storage assets allows a primary producer to claim a deduction of the full cost of a fodder storage asset, like a hay shed, provided they meet the needed requirements.

Learn more about the incentive here

 

Temporary Full Expensing

  • From 6th October 2020 until 30th June 2022, 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 2022.
  • 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 2022.

Learn more about this incentive here

 

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