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Tax deductions for primary producers - Learn more here
Overview
The general principles of uniform capital allowance (UCA) apply to most depreciating assets used in primary production. However, the decline in value of the following primary production depreciating assets is worked out using special rules:
water facilities used to conserve or convey water
fencing assets
fodder storage assets, and
horticultural plants (including grapevines).
A fencing asset includes a new fence, as well as any structural improvement, repair of a capital nature, alteration, addition or extension to an existing fence.
Typical fencing assets include:
posts
rails
wire
droppers
gates
fittings
anchor assemblies
A fodder storage asset is primarily and principally used to store fodder. It may also be a structural improvement, a repair of a capital nature, or an alteration, addition or extension, to an asset or structural improvement, that is primarily and principally for the purpose of storing fodder.
Typical fodder storage assets include:
silos
liquid feed supplement storage tanks
bins for storing dried grain
hay sheds
grain storage sheds
above-ground bunkers.
A water facility is either:
a plant or a structural improvement that is primarily and principally for the purpose of conserving or conveying water, including a repair of a capital nature, an alteration, addition or extension to that plant or structural improvement
a structural improvement that is reasonably incidental to conserving or conveying water, including a repair of a capital nature, addition or extension to that structural improvement.