Tax Depreciation for the Agribusiness Sector

This popular service offered by Acumentis is growing in demand based on our strong regional presence and expertise spanning across rural areas of Australia.

Claiming depreciation on a farming property each financial year is an essential tool for rural producers looking to maximise the benefits of their income generating property.   It is particularly relevant to farmers that have purchased rural property to accurately assess the depreciation of the income producing assets at the time of sale so this can be claimed over time.

Our Acumentis depreciation team inspects your agri property and an ATO compliant report is then developed by a qualified Quantity Surveyor and registered tax agent.  This process allows the property owner to claim depreciation against structural improvement, capital works, or plant and equipment used in primary production. 

The collation of the specific asset information is a critical part of the due diligence process.

To achieve this, Acumentis carries out on-site inspections of each property using technology that is specific to each agricultural industry, ensuring all infrastructure is captured and recorded. This is paramount to maximise the result and ensuring ATO compliance. 

Having an experienced professional undertake the inspection is crucial to ensuring all relevant information is noticed and captured, in turn benefiting the property owner.

The team at Acumentis stop at nothing to provide the highest quality of work to our clients. Our team recently undertook a significant depreciation scope for a large aggregation of farms in regional Western Australia.  As part of our due diligence, we assessed that the site visit required approximately 3 weeks to complete to ensure all relevant improvements were inspected and information collected.  We determined that the most productive and cost-effective way to undertake the inspection was to hire an RV and to physically stay on the farm whilst completing the work!

When undertaking a tax depreciation assessment, it is mandatory that we physically inspect the farms and – most importantly – that this is always carried out by an Acumentis property specialist. We guarantee our team will have local knowledge, expertise of rural property, and will operate in accordance with ATO rules and guidelines.

As a result of our detailed processes, Acumentis has fast gained a credible reputation for this type of work and interestingly, on occasions we have been engaged by accountants to undertake reviews and re-assessments of agri tax depreciation work carried out by other suppliers.

Our team provides a preliminary assessment at no charge to our client. Although usually given at a conservative level, this initial assessment provides a great starting point to ascertain the benefits our service can deliver and to provide decision certainty to our clients.

Nathan King
National Director – Advisory, State Director – WA Operations
— Perth Property Valuers
CPV | AAPI | FRICS
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