Farmers are welcoming Labor's election promise for instant asset write offs, but wants it to go further. 

The federal government would extend the 20 thousand dollar instant write off scheme, if it is re-elected to government. 

Introduced in 2015, the instant asset write-off scheme allows businesses to claim a deduction for the cost of an asset up to a prescribed value -- it is often used by farm businesses to purchase tools and even small vehicles.

Rural Reporter Alexander Nimmo spoke to New South Wales Farmers President Xavier Martin about the election commitment. 

Farmers are welcoming Labor's election promise for instant asset write offs, but wants it to go further.&nbsp;
The federal government would extend the 20 thousand dollar instant write off scheme, if it is re-elected to government.&nbsp;
Introduced in 2015, the instant asset write-off scheme allows businesses to claim a deduction for the cost of an asset up to a prescribed value -- it is often used by farm businesses to purchase tools and even small vehicles.
Rural Reporter Alexander Nimmo spoke to New South Wales Farmers President Xavier Martin about the election commitment.&nbsp;

The Rural News

The Rural News is market leader, dealing exclusively with stories of interest to the farming sector and has the support of Australia’s largest media business and international correspondents.

The Rural News is market leader, dealing exclusively with stories of interest to the farming sector and has the support of Australia&rsquo;s largest media business and international correspondents.