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What can NAB Farm Management Deposit do for primary producers?

April 26, 2017deposit farm Management NAB primary PRODUCERS

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What can NAB Farm Management Deposit do for primary producers?

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NAB Farm Management Deposits have an important role to play as a component of your overall risk management strategy. These deposits will enable you to set aside pre-tax income in good financial years, which will then provide reserves as a back-up in less successful financial years. Subject to certain conditions, you can claim a deduction for the money deposited in a Farm Management Deposit account in the year in which the deposit is made. If you withdraw any deposits that you have previously claimed as a tax deduction, the withdrawals are considered as assessable income in the year in which the withdrawal is made. Interest received on a NAB Farm Management Deposit is generally assessable in the year that it is earned.