The taxable non-primary production income threshold increased from $65,000 to $100,000 on 1 July 2014. This change means that more primary producers may be eligible for the Farm management deposit scheme. You may need to review your primary producer client's eligibility. If eligible they may want to make deposits before the end of the income year.
Your clients can now consolidate deposits held for at least 12 months into a single deposit without triggering tax consequences.
