Victoria’s peak farm body is calling on the Federal Government to double-down on investment in agricultural businesses by extending an initiative for small businesses to instantly write-off assets worth up to $20000.
In a new campaign to #SaveTheWriteOff, the VFF, along with the National Farmers’ Federation and other industry groups, is encouraging farmers to write to Federal Treasurer Scott Morrison with stories of how the incentive programs helped their businesses.
‘‘The program has allowed farmers to invest in machinery and other equipment which has radically transformed their businesses, and the agriculture sector has been given a big boost as a result,’’ VFF president David Jochinke said.
‘‘But it’s vital to extend the programs in perpetuity if we’re going to continue to see growth in rural industries, and that’s the commitment we’re seeking from the Federal Government in next month’s budget.
‘‘So we need anyone who has benefited from the program to step up and let the Treasurer know that this is a worthwhile program and it needs to stay in place.’’
The Australian Bureau of Agricultural and Resource Economics and Sciences last month predicted agricultural production would soar to $63.8billion in 2017-18.
Mr Jochinke said the latest ABARES forecast provided surety for the government to maintain the program instead of return to the previous $1000 asset write-off.
‘‘Extending the program will give farm businesses a chance to seize new export opportunities through the Federal Government’s free trade agreements with Korea, Indonesia and India,’’ he said.
‘‘We can’t return to the original $1000 write-off because that is a sure way to stifle growth in the agriculture sector, and why would you want to do that when the industry is set for growth?’’
Mr Jochinke said farmers could connect with Mr Morrison by logging onto www.farmers.org.au/savethewriteoff and leaving their story.
People are also encouraged to share the webpage on their social media accounts.