FARM MANAGEMENT DEPOSIT – CHANGES
Changes have been made to increase the non-primary production income threshold from $50,000 to $65,000 per year and the total amount that a primary producer can hold in farm management deposits from $300,000 to $400,000.
Press Release
For more information, please see the Minister for Agriculture, Fisheries and Forestry’s media release number DAFF06/158PM.
Legislation and supporting material
Legislation to bring this measure into affect was contained in Tax Laws Amendment (2006 Measzures No. 7) Bill 2006 which was introduced into Parliment on 7 December 2006.
The associated Explanatory memorandum is also available
Further information:
For further information on Farm management deposits, please see:
- Farm management deposits scheme
- Bushfires and primary producers
- Farm management deposit reporting in the AIRR
This article is not a substitute for independent professional advice. We do not warrant the accuracy, completeness or adequacy of the information or material in this article. All information is subject to change without notice. We and each party providing material displayed in this article disclaim liability to all persons or organisations in relation to any action(s) taken on the basis of currency or accuracy of the information or material, or any loss or damage suffered in connection with that information or material. You should make your own enquiries before entering into any transaction on the basis of the information or material in this article. Please ensure you contact us to discuss your particular circumstances and how the information provided applies to your situation.