Help for primary producers
The ATO has a range of tailored tax concessions for primary producers that can help you prepare for, or manage, when conditions or matters are unpredictable.
Primary producers – support in drought
Managing finances in drought
We recognise the significant impact of drought on rural communities. If you're facing financial difficulties due to drought, we offer support to help primary producers manage their finances.
Immediate tax deductions for capital expenditure that are available include:
- Farm management deposits
- Fencing and fodder storage assets
- Landcare operations
- Primary producers concessions
- Shelterbelts – new fencing or reticulation
- Water facilities.
If you put money into your farm management deposit account within the last 12 months, you can withdraw those funds without affecting the deductions you have claimed. Your financial institution may require advance notice of your request for early withdrawal.
Special tax concessions may affect which amounts you include in your assessable income each year and how you pay your PAYG instalments.
If you operate as an individual or in partnership, you can also benefit from exceptions to the non-commercial losses rules.