General
Farm Management Deposits scheme review to ask if it helps farmers be more resilient or just plan for tax
A $380-million-a-year government incentive that allows farmers to pay less tax will undergo a federal review.
Key points:
- A tax-deferral scheme to help farmers manage their income will be reviewed by the federal government
- The Farm Management Deposits scheme costs taxpayers $380 million a year
- The review will consider if farmers have used scheme to become resilient, or “tax-plan”
The Farm Management Deposits scheme (FMD) allows farmers to set aside up to $800,000 of pre-tax income that can be drawn down in low-income years, such as during drought.
It defers, and in some instances reduces, tax owed and acknowledges that cash flow for primary producers can fluctuate greatly.
The Department of Agriculture Water and Environment will oversee the…
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