{"id":295517,"date":"2021-03-11T11:12:45","date_gmt":"2021-03-11T01:12:45","guid":{"rendered":"https:\/\/southburnett.com.au\/news2\/?p=295517"},"modified":"2021-03-11T13:24:40","modified_gmt":"2021-03-11T03:24:40","slug":"have-your-say-on-farm-deposits","status":"publish","type":"post","link":"https:\/\/southburnett.com.au\/news2\/2021\/03\/11\/have-your-say-on-farm-deposits\/","title":{"rendered":"Have Your Say On Farm Deposits"},"content":{"rendered":"
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Agriculture Minister David Littleproud<\/figcaption><\/figure>\n

March 11, 2021<\/strong><\/p>\n

Farmers are being encouraged to have their say on the Farm Management Deposits Scheme (FMDS) … is it meeting your\u00a0needs and working efficiently?<\/p>\n

Federal Agriculture Minister David Littleproud said his Department was undertaking the evaluation as part of the government\u2019s Drought Response, Resilience and Preparedness Plan.<\/p>\n

\u201cThe FMDS helps farmers to deal with the fluctuating income streams that come with climatic variations and changing market conditions,\u201d Minister Littleproud said.<\/p>\n

It was set up in 1999 to help farmers prepare for drought and other downturns in income.\u00a0 Eligible primary producers are able to set aside up to $800,000 in pre-tax income to draw in future years when needed.<\/strong><\/p>\n

\u201cIts aim is to help farmers build financial self-reliance, manage risks and prepare for tough times.<\/p>\n

\u201cFarmers can have their say on how well the FMDS works and how it should work into the future.<\/p>\n

\u201cThe evaluation provides an opportunity to determine what areas need improving.<\/p>\n

\u201cIt is one of a number of tax measures designed to assist our farmers improve cash flow and provide an incentive for improved risk management.<\/p>\n

\u201cWe need to get the settings right to ensure it remains a fit-for-purpose tool for farmers.\u201d<\/p>\n

Balances held in FMD accounts have increased over the past decade to $5.3 billion (as at January 31). There has been a 6 per cent decrease in balances over the past 12 months.<\/p>\n