The Tax Laws Amendment (2014 Measures No. 1) Act 2014 was assented to on 30 May 2014.
From 1 July 2014 the allowable non-primary production income threshold before a farmer is prevented from making new Farm Management Deposits is increased from $65,000 to $100,000.
Consolidation of accounts held for more than 12 months will also be permitted by eliminating the tax consequences of withdrawing and immediately redepositing deposits.
From 30 May 2014 Farm Management Deposits are permanently exempt from the Banking Act unclaimed moneys provisions.
