The Panaretos Family Obtains Fruitful Returns with Farm Management Deposit | Queensland country life


This is branded content for Westpac.

Even if you haven’t tasted it, you’ve most likely seen Fruits de Con and Stavroula Panaretos in supermarkets.

Along with their son, Ross, the family grows table grapes on their five properties, which cover 93.5 acres in the Mildura and Red Cliffs region of Victoria.

For five years, family-owned C&S Panaretos, which also exports as Pana Farms, has been using a Westpac Farm Management Deposit (FMD) to reduce its taxable income and set aside cash for tighter seasons when its yield is not so fruitful. And it can be managed online, without having to step down from the front veranda.

An FMD allows eligible primary producers to set aside pre-tax income in a fixed-term savings account that they can draw on in the future, helping them manage their financial risk and meet their business costs during low-income years by building up cash reserves.

According to Con, FMD has provided peace of mind for the family, ensuring there will always be cash flow if they go through tough times.

“When you work on the land, you have to have a plan B. Our bank manager suggested it to us and I thought it was a good idea. You could say that having a farm management deposit, c It’s like having insurance coverage for when things aren’t going so well, and with the added benefits of tax benefits and a cash safety net for a rainy day,” Con said.

As there is only one viticulture season per year, the family has only one opportunity for annual income, with the greatest threat to this income being the weather. At different stages of the vine growth cycle, frost, excessive heat and rain can impact the grapes and quickly mean the end of a season for a winemaker.

In November 2016, a large hailstorm destroyed one of the family’s properties, leaving no grapes and no income from this farm available for two years. Fortunately, the family had branched out and invested in four other sites in the area, in the event of these major weather events. If the storm had damaged more properties, the FMD would have helped ease the financial strain on the company.

Stavroula says it’s in situations like these that Westpac FMD has helped them plan for the rest of the year and protect their business and livelihood.

“Where we were short of funds before our season, we were able to access our FMD funds to fill the gap. We then reinvested some money before the end of the fiscal year, so it works really well for us,” Stavroula said.

“It has also helped reduce our taxable income, especially in a year where we have done well in terms of sales and returns. It definitely provides peace of mind knowing your money is there when you need it. you need and it definitely helps cash flow,” added Con.

Eight-seven percent of Westpac customers have been with the bank for over a decade, with the Panaretos themselves having done business with Westpac for the past 39 years, with Stavroula following her parents to become a second-generation Westpac customer .

Con said he appreciated Westpac’s bankers have such an in-depth knowledge of the agricultural industry and that even after decades with the bank the high level of service has never changed – they are there through thick and thin. . So for anyone considering contracting foot and mouth disease, this is something he recommends.

“Everyone’s situation is different,” he said. “But an FMD made sense to us – we saw that our business was prone to risk and we had reserve funds to put aside. Westpac was great with us and we are happy with our decision.”

Take control of your pre-tax income to help balance the ups and downs of farm life with help from Canstar’s 2021 Agribusiness Bank of the Year. To learn more, visit To open a new FMD, you can ask to be called back by an Agribusiness banker in your area. Existing Westpac customers can open and renew an FMD online.

This is branded content for Westpac.

The story The Panaretos family achieves fruitful returns with Farm Management Deposit first appeared on Stock & Land.

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