Minister for Agriculture, Drought and Emergency Management, David Littleproud says agricultural businesses will benefit from the Federal Government’s economic stimulus package. Agriculture, fisheries and forestry will get a boost from several support measures in the package designed to support economic confidence, encourage investment and protect jobs.
$1 billion will be directed to a regional and community fund to support industries including agriculture impacted by coronavirus. “The instant write-off threshold has been increased from $30,000 to $150,000 for businesses with an aggregated annual turnover of less than $500 million. There’s accelerated depreciation deductions to encourage investment for the next 15 months. Businesses with a turnover of less than $500 million will be able to deduct an additional 50% from asset costs in the year they were bought.”
For small businesses, the life blood of the community in regional and rural Australia, there’s a 50% subsidy for apprentices. The incentive also includes a tax-free cash boost of up to $25,000 for eligible businesses that take on a worker between 1 January and 30 June this year.
David continued, “There will be another economic shot in the arm locally with the one-off payment of $750 to pensioners and those on Newstart. Take advantage of these measures to grow your business, to increase production and keep our regional and rural communities strong.”