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Bank warns

PRIMARY producers have until 31 December to transfer funds from the Commonwealth Income Equalisation Scheme to the new Farm Manage-ment Deposits scheme.

Challenge Bank general manager of business banking and agribusiness Peter Wallace said there was still more than $100 million in the Common-wealth scheme.

“If funds aren’t transferred by the due date, they will be refunded and regarded for tax purposes as taxable income for the 1999-2000 year,” Mr Wallace said.

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