The 2019 Budget offers some positive news for farmers and agricultural businesses. This includes disaster relief, support for farm communities in drought, and trade assistance.
Some of the budget measures include:
- $3.9 billion for future drought fund.
- $3.9 billion towards future natural disaster recovery.
- $3 million for farm household allowances.
- $5 million for the Country Women’s Association.
- $100 billion over ten years for regional road safety.
- $1.9 million over four years for a national agricultural workforce strategy.
- $29.4 million over four years for access to export markets.
Items in the budget that relate to all businesses can of course be utilised by farm owners. These include:
- Increase of the instant asset write-off from $25,000 to $30,000 (applies to businesses with a turnover under $50 million, previously $10 million).
- Immediate lowering of the company tax rate from 27.5% to 26%. This will also reduce to 25% next financial year.
The above is just a snippet of the budget impact for farmers and rural communities. You can find more detail at http://www.agriculture.gov.au/about/reporting/budget.