FARM MANAGEMENT DEPOSIT SCHEME

Some good new for primary producers with the following changes that came into effect on 1 July 2016:

1. The amount you can have deposited is now $800,000 per person, up from $400,000.
2. If effected by drought you can withdraw an amount after 6 months in the first 12 month period and not have to go back and amend the previous years tax return.
3. Financial Institutions (Banks) can now offer offset accounts allowing you to use the FMD to offset the interest costs of farm business borrowings.

If you want to know more about these changes and how best to use them please contact your taxation advisor at DHM Partners.

Brett Higgins
Executive Director