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  • Repayment within 12 months in a disaster or drought

    If you are affected by a natural disaster or severe rainfall deficiency and you meet the certain eligibility requirements, you can access your deductible FMDs within 12 months without losing your tax deduction.

    The repayment is still assessable income in the year you withdraw it.

    If you made the FMD in the previous income year and claimed a deduction in your tax return for that year, you won't need to amend that return to cancel the deduction.

    Any later deposits made in the income year of a withdrawal under these circumstances are not eligible FMDs.

    If you withdraw an FMD (for which you claimed a deduction) within 12 months and you did not meet the natural disasters or severe rainfall deficiency eligibility requirements, you must amend your previous year's assessment to cancel the deduction.

    On this page:

    Natural disaster

    To be eligible within this category, you must hold a FMD and meet all of the following requirements:

    • You made a deposit before the relevant natural disaster.
    • You have received assistance through a primary producer Category C recovery grant under the Natural Disaster Relief and Recovery Arrangements.
    • You withdraw your deposit after the recovery assistance was first provided.

    Severe rainfall deficiency

    To be eligible within this category, you must hold an FMD and meet all of the following requirements:

    • You are able to demonstrate the land on which you carry on your primary production business is within a drought affected area.
    • The deposit must have been held for at least the six-month drought period.
    • You must not be solely carrying on one or more of the following primary production businesses  
      • commercial fishing, pearling and related activities
      • tree felling
      • transporting trees that you logged for milling or processing.
       

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      Last modified: 08 Nov 2019QC 27154