Amendments to the Farm Management Deposits

The government announced the Farm Finance package of measures on 27 April 2013, in a joint media release by the Treasurer and the Minister for Agriculture, Fisheries and Forestry. The changes are now law.

The changes include:

  • allowing FMD owners to consolidate accounts they have held for longer than 12 months, without triggering tax liabilities
  • increasing the taxable non-primary production income threshold for FMDs from $65,000 to $100,000.

These changes apply to income years commencing on or after 1 July 2014.

Farm Management Deposits have also been excluded from the operation of the unclaimed moneys scheme with effect from 30 May 2014.

Media releases

For more information, refer to:

Legislation and supporting material

The following legislation received Royal Assent on 30 May 2014:

    Last modified: 21 Jul 2014QC 34986