Wednesday, 19 September 2018
Treasury Laws Amendment (Supporting Australian Farmers) Bill 2018; Second Reading
I thank all those members who have contributed to this debate on the Treasury Laws Amendment (Supporting Australian Farmers) Bill 2018. It's an important issue in our national discourse. The government well and truly recognises the need to support Australian families during difficult times, with drought being one of the most difficult. One way we're doing this, of course, is to help farmers better droughtproof their properties. Some four weeks ago, on 19 August, the government announced an instant depreciation initiative for fodder storage assets. This bill gives effect to that announcement. The government is moving, legislating, and acting quickly.
This measure amends the Income Tax Assessment Act 1997 to allow primary producers, from 19 August this year, to immediately deduct the cost of fodder storage assets, such as silos or hay sheds used to store grain and other animal feed. Previously, primary producers generally had to deduct the cost of fodder storage assets over an extended period of some three years. Implementing this instant depreciation initiative will certainly assist farmers. It will make it easier to stockpile fodder, and farmers will no longer have to track the depreciation of fodder storage assets for more than one year for tax purposes. I wholeheartedly commend the bill to the House.