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Save the write-off: tell the Treasurer to back Aussie farmers


16 June 2017


UPDATE
06 19 2017

The write-off saved

Legislation has passed the Federal Senate to extend measures enabling small businesses, including farm businesses, to immediately ‘write-off’ assets of $20,000 or less.

In the lead-up to the May Federal Budget more than 300 farmers sent emails to Treasurer Scott Morrison asking him to retain the immediate depreciation provisions, through the #SaveTheWriteOff campaign hosted on Australian Farmers.

National Farmers’ Federation President Fiona Simson said the extension was a recognition of the poignant voice of farmers and the contribution their sector makes to the nation.


Proposed tax changes in the upcoming Federal Budget threaten to undermine farm investment.

The farming sector is calling on Treasurer Scott Morrison to preserve instant capital write-off provisions for small business in the 2017-2018 Budget.

Currently, all small businesses (including farms) can immediately depreciate capital investments of $20,000 or less. In addition, farmers can immediately depreciate expenses for Landcare activities, fencing, water and fodder storage upgrades.

Combined, these measures have enabled farmers to build and renew their asset base and grow their productivity.

This couldn't come at a better time, as many parts of the country recover from polonged drought, while other areas are experiencing devastating flooding.

When farmers are able to invest like this, everyone benefits. Starting with small farming communities which see a surge in local commerce, and ending with all Australians who gain from growth in our second largest export industry.

What we want

We are seeking assurance from the Federal Government that these measures will be retained well beyond 30 June 2017 so that farmers can continue to invest.

How can you help

  1. Have your say – use the simple online form below to send an e-mail to the Treasurer, asking him to extend these measures beyond 30 June 2017
  2. Spread the word – share a link to this page with your friends and colleagues, and encourage them to do the same, using the hashtag #SaveTheWriteOff on social media


Campaign Updates


UPDATE, 10 May 2017

2017 Budget delivers

The Budget announced that accelerated depreciation provisions for capital expenditure less than $20,000 would be extended for another 12 months. It will also apply to businesses with a turnover of less than $10 million – up from the previous $2 million. More here.

 


      

1 Responses

    We've made good use of instant write-off in the past year, I know others have too. Would be great to see it extended.