Farm management deposits scheme

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QUESTION 5.35 (Farm management deposits scheme) The following resident primary producers have made use of Farm Management Deposits. • On 15 June 2019, Viola deposited a Farm Management Deposit of $55,000 with A Bank. • On 27 April 2019, Joelene deposited a Farm Management Deposit of $850,000 with B Credit Union. • On 8 May 2019, Herman deposited a Farm Management Deposit of $500 with C Bank. Hermann deposited a further $1,000 on 29 June 2019. • On 5 February 2019, Neill deposited a Farm Management Deposit of derived non-primary production income of $104,000 from conducting businessa s – 72,50: from E Bank. In addition to his business as an avocado grower, Neill 0 s a landscape gardener. • On 11 April 2019, Luke withdrew a Farm Management Deposit of $35,000 from D Building Society. Luke’s taxable income is derived entirely from his primary production business. • On 3 August 2019, Myra withdrew a Farm Management Deposit of $40,000 from F Bank. Myra had originally made a deposit of $40,000 with F Banbkusoinne2s8s Jausnae 2019. She does not derive income from sources other than her primary producer. Myra was not affected by a natural disaster. For each of these primary producers, indicate any amounts tha deductible or assessable for the 2018/19 tax year, t are

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