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The write-off saved

It is official. The write-off has been 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.

“Australia’s agricultural industry punches way above its weight in terms of its contribution to our national economy.

This legislation incentivises farmers to continue to invest and therefore grow their businesses.
Fiona Simson, President, NFF

“Australia’s agricultural industry punches way above its weight in terms of its contribution to our national economy.

“This continued contribution hinges on the productivity and sustainability of individual farmers.

“This legislation incentivises farmers to continue to invest and therefore grow their businesses.”

Since the popular write-off measures were introduced farmers have invested in assets including fencing, fodder sheds and small farm vehicles.

Sheep and cattle farmer Mikala Walters of Dalgety, New South Wales used the ‘write-off’ to invest in new cattle yards and for West Australian mixed farmer Kallum Blake the tax-break made much-needed new plant possible.

The write-off provisions also have flow-on effects for regional communities and Small Business Minister Michael McCormack encouraged businesses to take full advantage of the measures.

“Small business always back their regions and I urge them to use the instant asset write-off extension to keep that money flowing around local communities to build the economy and create jobs,” Minister McCormack said.

 

The Government has a range of measures designed to support small business. Click here for more information.

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