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Rabobank
 

Upcoming EOFY - How Rabobank can help

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Top EOFY Tips for Primary Producers

 

The countdown to the end of the financial year has begun, so now is the time to consider the options available to put your business in the best possible financial position.

Rabobank offers a range of products and services which may assist with planning and managing your cash flow such as; Farm Management Deposits, All In One Account and Equipment Finance.

 

Five Helpful Tips:

 

  1. Reduce your taxable income by setting aside pre-tax primary income in high performing income years to draw from in years of low income. Simply deposit pre-tax income into a Farm Management Deposit (FMDs), an interest-generating account prior to 30 June, 2017. You can open a FMD using one of these two options:
    1. Existing Rabobank FMD holders can open a new FMD over the phone by calling 1800 116 319. The FMD funds may be deposited by electronic transfer, paid by cheque or transferred from your All In One account if you’re an Account Owner.
    1. Both existing and new clients - can complete a FMD application at your local branch. For more information or to make an appointment, please call 1300 30 30 33.

 

  1. Manage your cash flow by prepaying interest on Fixed Interest Options linked to your All In One account. By pre-paying interest on any Fixed Interest Option you can potentially claim a tax deduction in this financial year.

 

Specific tax rules and requirements apply to any prepayment of interest and we encourage you to seek independent advice before you pre-pay any interest. Request a quote before 23 June from your local branch or call our team 1800 025 484 between 8am – 6pm Sydney time.

 

  1. Purchase new agricultural equipment before 30 June, 2017 and you may be entitled to a Government or a potential business deduction. Competitive Equipment Finance packages are available for a wide range of new and used agricultural equipment.

 

To ensure Equipment Finance contracts are settled prior to the end of the financial year, accepted quotes must be provided to our office by Friday 23 June 2017 and all signed documents returned to our office by Wednesday 28 June 2017.

 

  1. As individuals, you can each hold up to $800, 000 in FMDs if running a farm in a partnership arrangement i.e. Husband and wife running a farm together.

 

  1. Support Australia’s agricultural sector. Deposits are guaranteed by the Australian Federal Government’s Deposit Financial Claims Scheme1. All deposits are reinvested locally in the form of rural loans.

 

Please visit Australian Government – Department of Agriculture and Water Resources, Information for primary producers for more information.

 

 

1 Rabobank FMDs are issued by Rabobank Australia Limited ABN 50 001 621 129 AFSL 234 700. Conditions and eligibility criteria apply to primary producers under the FMD Scheme. You should consider the relevant Disclosure Documents (available at our branches or on our website https://www.rabobank.com.au/downloads/ along with your personal objectives, financial situation and  needs before making any financial decisions. Any tax related information is general in nature. Rabobank recommends you ask your tax adviser or accountant about any taxation implications before investing in a FMD. Early termination fees apply and other fees and charges may apply.

 

2 Equipment Finance is provided by Rabo Equipment Finance Limited ABN 37 072 771 147, a subsidiary of Rabo Australia Limited ABN 39 060 452 217 AFSL 241 232.

 

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