Department of the Treasury
On 10 February 2016 the Commonwealth Treasurer introduced the Tax and Superannuation Laws Amendment (2016 Measures No. 1) Bill 2016. The bill amends the farm management deposit provisions in the income tax law to:
- increase the cap on farm management deposits from $400,000 to $800,000;
- reintroduce early access provisions for farmers experiencing severe financial difficulty; and
- allow the use of farm management deposits to offset business loans.
The Department of the Treasury was assessed as compliant with the Government’s RIS requirements and consistent with best practice by the Office of Best Practice Regulation (OBPR). The proposals are expected to increase regulatory costs by $854,000 per annum. The costs and offsets were agreed with the OBPR.