The federal budget has landed, and that means good news for both small businesses and farmers. Always wanted that extra water storage, but unsure whether you could justify the cost?
Within this year’s budget, small businesses can purchase an asset – which could be a tank or multi tank system – costing up to $20,000 and claim an immediate tax deduction. This means that in one hit you can go ahead and save the water you have been wanting to save, while benefiting from the tax-break, making it an affordable possibility.
Keep in mind that the asset (tank) must be for business use (check with your accountant to ensure you comply). Furthermore, the cut-off date is June 2017, so start planning now.
The other big news from the budget is for farmers. Although on budget night the government announced that beginning from July 2016 farmers would be able to deduct the full cost of water facilities in the year that they were purchased, a further exciting announcement was made a few days later:
“Australian farmers can now claim a tax deduction on all capital expenditure on water facilities, fodder storage assets and fencing incurred since the 2015 Budget was handed down at 7:30pm on 12 May,”.
This means that you no longer have to wait, you can purchase new water tanks now and reap the immediate benefits. With Tuesday’s BOM ENSO Wrap-Up telling us that El Nino is continuing to develop, bringing with it below-average winter and spring rainfall over eastern Australia, you should be prepared. Buy a tank now to collect water ready for the low rainfall spring and next summer.
Feel free to call 1800 804 901 to speak to one of our helpful staff about ordering a tank today.