Tax deductions for primary producer deposits

Farm Management Deposits Scheme The farm management deposits scheme provides primary production businesses with tax deductions on farm management deposits to help them deal with inconsistent income from natural disasters, climate and market changes. Open Application detail: Farm management deposits may be made at any time. What do you get? Tax deductions on farm management deposits. Who is this for? Primary producers. Overview The farm management deposits (FMD) scheme allows eligible primary producers to set aside pre-tax income from their primary production activities during years of high income. The income can then be drawn in future years as needed. Primary producers can include FMDs as part of their risk-management strategy. Check if you can apply To be eligible for the FMD scheme, you must be: carrying on a primary production business at the time you make a deposit an individual (either as a sole trader, a partner in a partnership or a beneficiary of a primary production trust) – companies and trusts are not eligible (Note: FMDs cannot be made jointly with another person or people) have taxable non-primary production income not exceeding $100,000 in the income year you make the deposit. Apply now Apply for the Farm Management Deposits Scheme Find out more about your eligibility and how to apply. Contact information Phone: 1800 900 090