How Farmers Can Get The Most Out of the Instant Asset Write-Off Scheme
Thanks to good seasonal conditionals and strong commodity prices now is the time to (if you haven’t already) take advantage of the governments instant asset write off scheme for Australian Businesses. According to the NAB, their financing for agricultural equipment in 2019 & 2020 grew by 130 per cent with data from their customer database showing tractors and irrigation equipment topping the list.
Before we deep dive into the other opportunities, you should take advantage of, let’s cover what the Instant Asset Write-Off scheme actually is.
What is the Instant Asset Write-Off Scheme?
In October 2020, the federal government expanded the instant asset write off scheme by increasing the value of eligible assets from $30,000 to $150,000. They also increased the cap on businesses that could access the grant from those with an annual turnover of less than $50 million to those up to $500 million. This means businesses could claim an immediate deduction for an asset purchased between March 12 and December 31, 2020, with an additional six months to first use or install that asset. Now, the program will be extended until June 30, 2023.
5 Things To Make Your Farm More Efficient
To get the most out of the instant asset write-off scheme you should be investing in things that are solely used for business use and will improve the productivity of your farm. The most effective way to improve the profitability of any farm is to improve efficiency and reduce overheads, so regardless of the season your costs are as low as possible, and your yields are maximised.
We’ve written in the past about how storing diesel on your farm is a great way to minimise costs. Why not multiply the savings of reduced fuel costs by instantly writing off the cost of the tank!
The Polymaster Diesel Quantum double-walled tank is the above-ground diesel solution you need! It stores, dispenses, and monitors your Diesel consumption and is suitable for agriculture, transport, mining, construction, trade. The Dieselmaster Quantum Diesel tank is delivered as a PLUG & PLAY set up with everything you need already factory fitted as standard. It also includes a digital fluid meter to measure vehicle usage and a power control box with auto time out (10mins) and an emergency stop and bund alarm.
Safely store and dispense your Diesel knowing the self-bunded tank, is a tank within a tank. It has double poly walls that prevent spills and leakage onsite. A 10mtr hose reel with an auto-shutoff trigger nozzle adds to the safety features. The Quantum Diesel tank is Australian made and built for the harsh Australian sun as a poly tank won’t rust.
The 2,400-litre AQUAPATH Unit complete with GX200 Honda motor is a smart choice to take advantage of your instant asset write-off. It’s the type of thing you don’t need until you do. While seasonal conditions are good it’s a great opportunity to buy things that will protect your farm when times aren’t as fruitful. The 2,400-litre AQUAPATH Unit doubles as a water cartage and storage tank, along with a fire fighting unit, meaning you’re able to both store water and protect your farm if you need it.
A new auto rate controller system is the perfect addition to improve spraying efficiency and effectiveness on your property. The Jackal 3 section spray controller kit offers great flexibility and is simple to operate. Suitable for all sprayers, the Jackal Spray Controller kit includes everything you need to add auto rate control to your sprayer and to provide fully automatic spray control. The target rate is maintained automatically, so even when shutting down sections or when there is variation in speed or pressure, over/under application is virtually eliminated. The Jackal displays application rate, speed, area tank level and more. Operators can increase or decrease rates on the go through preset steps. Manual rate control is also available when flow or speed is not present. – Simply refer to your pressure gauge – adjust the flow control valve and get spraying!
If budget isn’t a problem and you want to make the most of your return, the 10,000 Litre Tti Aquapath tank takes that advantages of the 2400 Litre and multiplies them by four. Four times the volume means you can get a lot more work done in the time you have. Save time on filling and transport back to the fill point by holding more water. This Tank also doubles as a fire fighting system meaning you can protect your farm during bushfire season.
Whilst this sprayer trailer might not be the first thing you think of, it certainly adds another element of efficiency. If you’re already using an ATV or UTV to get around your property then this trailer sprayer is its perfect companion. Not only does it allow you to get into the harder to reach places of your farm, but now you will be able to spray in those areas without dragging around a clumsy basic trailer, or having to stop every time you want to spray an area.
At Ag Superstore we're farming experts. We’ve grown up on the land, and are here to pass on our decades of experience, so if you have any questions don’t hesitate to give us a call at 1300 326 453