The Government has announced enhancements to the Farm Management Deposits (FMD) scheme to assist farmers and support the rural sector as a part of its Farm Finance package. It said it will increase the non-primary production income threshold from $65,000 to id=”mce_marker”00,000 so that more primary producers can access the scheme and diversify their income to better manage variations in incomes.
The package also proposes providing farmers with access to concessional loans, cutting red tape to assist primary producers keep track of their finances and reducing administration fees.
The Government said the enhancements to the FMD scheme would take effect from 1 July 2014.
[LTN 29/4/13]