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Precision agriculture draws upon artificial intelligence, smart technology and connected systems to improve productivity and outcomes for growers. In the current climate, the potential for AI to improve the efficiency of inputs is more important than ever, which is perhaps why investment into AI in the ag space is expected to triple in revenue by 2050.
Computer vision technology can be trained to use aerial image data to monitor crop and soil conditions and make adjustments to optimise crop health. This technology is enabling farmers to make highly informed decisions at a higher level than we could ever previously even imagine, providing:
Computer vision technology replaces the need to manually observe wheat head growth more accurately than the human eye. This replaces the need for farmers to physically trek into the field each day and examine crops.
AI is also drawing upon computer vision and learning to make highly accurate soil monitoring estimates, comparable with expensive lab processing. Image recognition technology is automating plant disease and pest detection using classification, detection, and image segmentation.
Computer vision models are efficient at spotting problems, but they’re also an excellent tool to assist in prevention. Drone technology is automating spraying, with real-time recognition of target spraying areas. There are notably still challenges – assigning sequences and trajectories for individual drones when using multiple drones can be difficult, however, the technology continues to develop at a rapid pace.
As AI continues to develop and increase in affordability, the daily operations involved in running a grain farming business continue to evolve. In 2023, AI looks to provide us with:
Investment into digital uptake and AI technology can form an important part of your annual tax planning. So, what deductions are available for farmers looking to invest in AI tools and training?
Treasury Laws Amendment (2022 Measures No. 4) Bill 2022 was introduced into Parliament on 23rd November 2022, to implement the Technology Investment Boost and the Skills and Training Boost. Eligible farming businesses will be able to claim an extra 20% deduction on certain expenditure towards either external training or investment in technology. This will be particularly useful for farmers wishing to upskill and invest in AI to positively impact crop yield and quality.
The Technology Investment Boost incentivises and supports the uptake of business expenditure and depreciating assets to support an agribusiness’s digital operations. It’s capped at $20,000 per financial year.
Assets could potentially include:
The Skills and Training Boost incentivises and supports the update of business expenditure into external training. The training must be delivered by an external training provider in Australia, (and can be delivered in-person or online).
The training expenses must be incurred for the purpose of gaining or producing income, (there needs to be a nexus between the training provided and how your business produces its income).
The Federal Government are providing the above incentives to encourage investment into technology and connectivity. If you have been considering updating your operations to encompass more AI tools and software, the deductions available may form a valuable part of your annual tax planning. We encourage you to contact us regarding this.
Contact us using the form below.
The Western Australian Government has announced a targeted grants program to assist small businesses highly impacted by the recent Perth and Peel lockdown. Is your business eligible?
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