Farm management deposit changes

The Assistant Treasurer has released for public consultation a package of exposure draft legislation, Regulations and associated explanatory materials to amend aspects of the tax laws related to farm management deposits (FMDs), and the unclaimed money provisions in section 69 in the Banking Act 1959. Primary producers affected by applicable natural disasters who have withdrawn their FMDs within 12 months of deposit will retain concessional tax treatment under the FMD scheme, subject to conditions. Subject to the passage of the legislation, retention of concessional tax treatment will apply retrospectively to withdrawals made from 1 July 2010 to provide support to primary producers affected by the natural disasters in Australia in late 2010 and early 2011. Other elements of the exposure draft package, which are to apply from 1 July 2012, include: removal of the restriction on primary producers from holding FMDs simultaneously with more than one FMD provider; more frequent and timely reporting of various statistics by FMD providers that hold FMDs to allow for better monitoring of the take-up rate and operation of the FMD scheme; and ensuring that reasonable efforts will be made by FMD providers that are authorised deposit-taking institutions to contact FMD owners who have not used their FMD accounts for seven years or more, before they forward the 'unclaimed moneys' to the Commonwealth in accordance with section 69 of the Banking Act 1959.

Read more detail on Recent Banking and Finance Law Posts –

Legal notice about the Farm management deposit changes rubric : Hukuki Net Legal News is not responsible for the privacy statements or other content from Web sites outside of the Hukuki.net site. Please refer the progenitor link to check the legal entity of this resource hereinabove.

Do you need High Quality Legal documents or forms related to Farm management deposit changes?

This entry was posted in Banking and Finance law and tagged , , , . Bookmark the permalink.

2 Responses to Farm management deposit changes

  1. Multiplex Group is one of the leading manufacturers marketers and exporters of Micro Nutrients, Organic Fertilizers, Farm ManagementBio-Organic Manure, Bio-Fertilizers, Bio-Pesticides, and Bio-Activators from Bangalore, India.

    ORGANIC FERTILIZERS MANUFACTURERS
    FARM MANAGEMENT

    For more details log on to :- http://multiplexgroup.com

  2. Multiplex Group is one of the leading manufacturers marketers and exporters of Micro Nutrients, Organic Fertilizers, Farm ManagementBio-Organic Manure, Bio-Fertilizers, Bio-Pesticides, and Bio-Activators from Bangalore, India.

Leave a Reply