Developed to help primary producers better manage cash flow uncertainties, the Farm Management Deposit account lets you build cash reserves. Hold farm management deposits for at least 12 months to be eligible for the taxation benefits.
To be eligible for the Farm Management Deposits scheme, you must:
- Be an individual primary producer earning no more than $100,000 in non-farm income
- Hold a minimum deposit of $1,000, not exceeding $800,000
- Hold farm management deposits for at least 12 months to qualify for tax benefits.
You can read more here:
- Visit Department of Agriculture Fisheries and Forestry Australia to find out more about the Farm Management Deposit Scheme
- Your quick guide to
Things you should know
Tax information is only a guide. It's important to obtain independent expert tax advice.
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