How to choose a business structure
Starting a business involves a number of steps. To start with, you will need to decide on a business structure.
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Primary producers can set aside pre-tax income in good years to use when the farm isn’t making as much money as usual or the season isn’t so great.
Farming can be a risky business so we’ve developed a Farm Management Deposit account to help primary producers manage some of this risk. In some circumstances, by depositing funds into a Farm Management Deposit account, you may be able to reduce your taxable income for the year by the amount of the deposit (up to a maximum amount of $800,000).
Features include:
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|---|---|---|
| Interest Rate | ||
| farm management term investment (12 months) | ||
| farm management term investment (24 months) | ||
| interest paid - quarterly (deduct 0.10% from quoted interest rates); or annually; or at maturity | ||
| farm management account at call ($1,000 to $49,999) | ||
| farm management account at call ($50,000 to $800,000) | ||
| tiered interest rates calculated on daily balances and paid quarterly | ||
| Account keeping fee | $0 |
| Transaction fee | $0 |
| Minimum opening balance | $1,000 |
| Minimum operating balance | $1,000 |
| Maximum operating balance | $800,000 |
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