If you purchased or transferred an agricultural property in the last ten years, you may be able to claim thousands of dollars worth of tax deductions. When a farm is acquired, it is essential, from a tax standpoint, to allocate value to depreciable items. The items should be set up on the appropriate depreciation schedule, starting from the tax year when the farm was bought. The land is not depreciable, but when a farm is acquired, infrastructure assets may be depreciable—for example, fences, buildings, yards, silos, tanks, and dwellings.

How can we help you?

Agrivantage is partnered with Rural Depreciation Specialists (RDS) who carry out full inspections of your property.

Eligible assets are measured and recorded – machinery sheds, hay sheds, shearing sheds, cattle/sheep yards, silos, fences, gates, windmills, dams, irrigation, houses etc. A detailed Tax Depreciation Report will be completed by a qualified quantity surveyor. This report separates land, dwellings, and structural improvements ensuring ATO compliance, maximising the deductions able to be claimed.

RDS collaborates with your trusted tax advisers to incorporate the deductions into your tax return and reduce the amount of tax payable.