Are you a primary producer with fluctuating income? Farm management deposits (FMD’s) may help you.
The Farm Management Deposit Scheme is designed to help primary producers deal with fluctuation of cash flows more effectively.
The scheme allows eligible primary producers to set aside pre-tax income which they can withdraw in future years when conditions may be more suitable for them.
To be eligible for an FMD a business or primary production must be carried on when a deposit is made. FMD’s are available to individuals including a partner in a partnership or beneficiary of a trust. Companies and other entities are not eligible to hold FMDs.
Individuals may be eligible for the scheme if their non–primary production income is less than $100,000 in the financial year they make the deposit.
Primary producers must:
All deposits must be made with an FMD provider. You need to apply to an FMD provider to make a deposit by completing and signing an application that meets the regulatory guidelines, which can be done electronically.
If you are seeking further advice on Farm Management Deposits, please contact Michael Trimble on 03 5443 0344 or email email@example.com