Farm Management Deposits scheme review to ask if it helps farmers be more resilient or just plan for tax
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ThuThursday 11
updated
ThuThursday 11
MarMarch 2021 at 8:48am
A scheme, often used by farmers in time of drought, to defer tax is under review for the sixth time since 2006.
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Key points: The Farm Management Deposits scheme costs taxpayers $380 million a year The review will consider if farmers have used scheme to become resilient, or tax-plan
The Farm Management Deposits scheme (FMD) allows farmers to set aside up to $800,000 of pre-tax income that can be drawn down in low-income years, such as during drought.
The New South Wales Farmers Association says it’s disappointed with how long some producers have had to wait on drought assistance loans.
Many of the state’s farmers, including a Guyra couple, applied for help from the Regional Investment Corporation at the height of the drought in 2019.
Some waited an entire year to receive their money, while others are yet to see any cash almost 15 months later.
“We certainly are all over it. I hope to meet the head of the RIC in Orange in early March, essentially to reinforce this message about the time delay for some of these loans to be approved.”
Drought assistance granted after 15-month wait, but Sally White is still pushing on behalf of other farmers
WedWednesday 10
FebFebruary 2021 at 9:06pm
NSW cattle farmer Sally White has not received her Federal Government drought loan, 12 months since submitting her application.
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A New South Wales cattle farmer who applied for a drought loan more than a year ago says she is relieved the funds have finally reached her bank account.
Key points:
Sally White has finally received a drought loan she applied for in December 2019
She said none of her neighbours or friends who have applied for the same loans have received them yet
April 18, 2021
You are here: Home / Australia / It’s Subsidised Wind & Solar or Meaningful Well-Paid Jobs: But You Can’t Have Both
It’s Subsidised Wind & Solar or Meaningful Well-Paid Jobs: But You Can’t Have Both
Australian power prices went through the roof as a result of its obsession with chaotically intermittent and heavily subsidised wind and solar (see above).
The relationship is so stark, why even a blind man, open to reality, will readily see it. However, no amount of evidence appears to register with those who pretend to govern us.
In the week just gone, Australia’s PM, Scott Morrison confirmed (if there was much doubt?) that he’s off with the fairies, with a commitment to Australia hitting a “net-zero emissions” target by 2050. Central to which is the even wilder and more fantastic claim that the target will be hit by “clean hydrogen”. Whatever on earth that means?
The Hon David Littleproud MP
Minister for Agriculture, Drought and Emergency Management
Farmers and farm-related small businesses across regional Australia will be further supported from today, with the interest rate on Regional Investment Corporation (RIC) loans dropping to a record low of 1.77 percent.
This interest rate drop to record low levels, comes as part of a regular six-monthly review of the RIC’s concessional interest rate.
Minister for Agriculture, Drought and Emergency Management, David Littleproud, and Minister for Finance, Simon Birmingham, said the reduced interest rate would provide significant financial assistance to farmers and farm-related small businesses that are in most financial need.