Business resilience webinar

NAB is talking farms — literally.

With the end of the financial year approaching NAB has taken the time to focus on how farms can build business resilience in their new NAB Agri View podcast.

On the podcast, the muchquoted NAB agribusiness economist Phin Ziebell is joined by a cast of NAB executives and accountants.

The podcast is promoting farm management deposits (FMDs), which help farmers deal more effectively with fluctuating cashflows.

NAB strategy executive Bel Quince said NAB had a lot of customers who used FMDs, but many more who did not fully understand the value of an FMD account.

“This timely podcast is really FMDs 101, clearly explaining the benefits of FMD accounts,” Ms Quince said.

Points highlighted in the podcast include:

■ Farmers use FMDs to minimise tax.

■ Ideal for when you have surplus cash, but you aren’t using it right now.

■ A primary producer can make a deposit, claim it as a tax reduction, and retrieve their money when they need it later during dry/lean times.

■ FMDs are the money version of a catchment dam.

■ Limit of $800,000 in FMDs.

■ The 11-minute podcast can be listened to on the NAB business website.