On 13 September 2018, the Treasury Laws Amendment (Supporting Australian Farmers) Bill 2018 was introduced in the House of Representatives. This Bill proposes to amend the Income Tax Assessment Act 1997 to allow primary producers to immediately deduct (rather than depreciate over 3 years) the cost of fodder storage assets, such as silos and hay sheds, used to store grain and other animal feed.

This Bill is designed to assist primary producers by making it easier to invest in and stockpile fodder. The measure will apply to fodder storage assets first used or installed ready for use on or after 19 August 2018.