Make tax time work for the farm with 4.2% prepayment rewards
Farmers have found a way to bring farm expenses forward ahead of June 30 and earn 4.2 per cent on those funds, while keeping their purchasing options open with an Elders prepayment arrangement.
Elders St Arnaud branch manager Scott Cameron says the timing is perfect for clients who have benefited from recent favourable seasons and woolgrowers realising the value of long-held bales.
“A lot of wool that’s been sitting in storage for an extended period of time is being sold, so some farmers around here are actually going to be have a fair bit of income in the back end of this financial year, making this an ideal product to offset that income,” Mr Cameron said.
The Elders prepayment scheme allows clients to prepay for farm inputs and use the prepaid funds on the full range of Elders rural products as needed.
“Otherwise, you could rush out and purchase what you might need for the rest of the season but, as we know in farming, seasons can change and you may not need that chemical or fertiliser that you have already purchased,” Mr Cameron said.
“The beauty of the Elders prepayment product is you are not locked to any particular input, so it gives a farmer the flexibility to purchase what the farm needs at the right time.”
The prepaid funds also attract a 4.2 per cent reward from Elders, which is credited directly into the account each month, so long as the funds are spent within 12 months of the prepayment.
*This material has been prepared for informational purposes only, and you should consult your own tax, legal and accounting advisers before engaging in any transaction.
For more information refer to the product Terms and Conditions.
Find out more about the Elders Rural products pre-payment program and apply now.