From 12 May 2015, primary producers can immediately deduct the costs of:
- fencing, previously deducted over a period up to 30 years
- water facilities, previously deducted over three years.
They can also deduct the cost of fodder storage assets over three years, instead of over a period up to 50 years.
Primary producers who are small businesses are also eligible to claim the instant asset write-off until 30 June 2017.