Accelerated Depreciation for Primary Producers

The Government will allow all primary producers to immediately deduct capital expenditure on fencing and water facilities such as dams, tanks, bores, irrigation channels, pumps, water towers and windmills. Currently, the effective life for fences is up to 30 years, water facilities is 3 years and fodder storage assets is up to 50 years.

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Meal & Entertainment Concession for not-for-profit Employees

The Budget confirmed the Assistant Treasurer's recent announcement that the Government would introduce a grossed-up cap of $5,000 per year on the FBT concessions for salary-sacrificed meal entertainment and entertainment facility leasing expenses (meal entertainment benefits) for employees of certain not-for-profit organisations.

 

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Zone Tax Offset

"Fly-in fly-out" and "drive-in drive-out" (FIFO) workers will cease to be eligible for the zone tax offset where their normal residence is not within a "zone". Currently, to be eligible for the zone offset, a taxpayer must reside or work in a specified remote area for more than 183 days in an income year.  It is estimated that around 20% of all claimants do not actually live full-time in the zones. 

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Work Related Motor Vehicle Expense

The Government says that nearly 4 million Australians claim a work-related car expense deduction each year. Currently, there are 4 different methods by which taxpayers can claim the tax deduction for work-related car expenses based on cents per kilometre, logbook method, the 12% of original value method, and one-third of actual expenses incurred.  

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