The federal government has said it will evaluate the Farm Management Deposits Scheme (FMDS) to ensure it is fit for purpose.
The FMDS allows primary producers to set aside pre-tax income in good times to cover low-income years
Farmers are encouraged to have their say on an evaluation of the Farm Management Deposits Scheme (FMDS) to ensure it meets the needs of users and operates efficiently.
Agriculture minister David Littleproud said his department was undertaking the evaluation as part of the government’s Drought Response, Resilience and Preparedness Plan.
“The FMDS helps farmers to deal with the fluctuating income streams that come with climatic variationsand changing market conditions,” Minister Littleproud said.
“Its aim is to help farmers build financial self-reliance, manage risks and prepare for tough times.
“Farmers can have their say on how well the FMDS works and how it should work into the future.
“The evaluation provides an opportunity to determine what areas need improving.
“It is one of a number of tax measures designed to assist our farmers improve cash flow and provide an incentive for improved risk management.
“We need to get the settings right to ensure it remains a fit for purpose tool for farmers.”
The evaluation report will be provided to government for consideration mid-year.
For more information or to have your say visit https://haveyoursay.awe.gov.au/farm-management-deposit-scheme-evaluation
