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Federal Agriculture Minister David Littleproud wants big Australian banks to join a program allowing farmers to set aside their pre-tax income in good years
Bank executives will participate in a Roundtable on Drought in Canberra where Mr. Littleproud will be asking banks for a deadline for the provision of farm management deposit accounts.
million. Littleproud claims that the major lenders have already had two years to provide the service but have resisted because it would have eaten into the profits
The time is up, "said Mr. Littleproud on ABC radio
Customers of capitals could enter a bank and offset their savings on a home loan
"You should also be able to do this for farm families".
The plan allows farmers to withdraw money from their taxable income in good years by depositing it in a farm management deposit account.
Primary producers can withdraw money during a bad year and
M. Littleproud said the government did not want to require banks to adopt the accounts through legislation, urging them to do what was right.
A social welfare simplification campaign for drought-affected farmers will also be on the agenda at Monday's meeting of national and state agricultural bodies.
The federal government has recently extended the deadline "It buys an extra year for these farm families to give them time to structure their business in order to get through this drought and prepare for the next one", said Mr. Littleproud.
million. Littleproud said his department was working with Centrelink to facilitate the payment request, but that rural financial advisors could also help with the process.
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