Agriculture set to benefit from economic package

13 March 2020

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 a number of support measures in the package designed to support economic confidence, encourage investment and protect jobs,” Minister Littleproud said.

“$1 billion will be directed to a regional and community fund to support industries including agriculture impacted by coronavirus. 
 
“This will help farmers from fishing communities in Geraldton to dairy businesses of Bega.       
 
“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 per cent from asset costs in the year they were bought.

“If you were thinking about whether to invest in your agricultural business here’s added incentive.

“For small businesses, the life blood of the community in regional and rural Australia, there’s a 50 per cent subsidy for apprentices.

“There’s a tax free cash boost of up to $25,000 for eligible businesses that take on a worker between 1st January and 30th June this year.

“And 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.”