On the 15th of June 2015, the legislation providing small businesses with the ability to write-off the cost of capital assets to the value of $20,000 and farmers accelerated depreciation on certain farm assets passed both Houses of Parliament.
It is great to see this significant legislation pass through both Houses in such a timely manner. It took just a little over two weeks from when the bill was introduced and read a first time in the House of Representatives to its third reading being agreed to in the Senate. If only all legislation could clear both houses in such an efficient manner!
The new concessions for farmers include the ability to claim an immediate deduction for capital expenditure on water facilities and fencing assets, and to deduct capital expenditure on fodder storage assets over three years.
The passage of the bill provides a degree of certainty to clients wishing to utilise these new concessions. If you have any questions about ability to claim these concessions, contact your Crowe Horwath advisor before you purchase.