A new law change means primary producers can claim a deduction for the full cost of a fodder storage asset if they:
- incurred the expense either
- on or after 19 August 2018
- before 19 August 2018 and it was first used or installed ready to go for use on or after 19 August 2018
- mainly use it to store fodder
- use it in a primary production business on land in Australia - even if they are only a lessee of the land.
Claim the deduction in the year they incurred the expense.
Fodder storage assets include silos, liquid feed supplement storage tanks, grain storage sheds, hay sheds and above-ground bunkers.
If you are impacted by drought, the ATO have drought help (/General/Financial-hardship/In-detail/Help-for-drought-affected-taxpayers) help assistance available or phone them on 1800 806 218 to discuss your situation.