Tax rules for depreciating assets
This week’s blog has been contributed by Riverine Plains Signature Partner, Belmores Chartered Accountants
Key messages
- understanding rules around asset depreciation could help farmers with tax planning this financial year
- farmers could be eligible to deduct the full cost of depreciating assets costing less than $20,000 for multiple assets
- applies to assets first used or installed ready for use between 1 July 2023 and 30 June 2024
