With our Farm Management Deposit account, you can smooth out the ups and downs of being a primary producer by setting aside some of your pre-tax income during the good times. This way, you'll have a cash reserve to dip into when things aren't as profitable.
When you put money into a Farm Management Deposit account, it gets deducted from your taxable income for that year. When you withdraw it, it'll count as income for that year's tax return.
Your deposits need to stay in the Farm Management Deposit account for at least 12 months to enjoy those tax benefits!
Features
- No monthly account service fees.
- Minimum deposit of only $1,000.
- Competitive fixed interest rates to help you plan for the future.
- A choice of terms from 3 months to 2 years to meet your needs and cashflow.
- Interest paid monthly, annually or at maturity (subject to the term selection).
- Possible tax benefits for amounts held in the account for at least 12 months.
Eligibility criteria
- Be a primary producer;
- Be an individual (incl. a partner in a partnership or beneficiary of a trust);
- Be carrying on a primary production business in Australia when a deposit is made
- Have no more than $100,000 in taxable non-primary production income in the income year a deposit is made; and
- Hold no more than $800,000 in total in Farm Management Deposit accounts.
For further information on FMDA eligibility criteria and conditions refer to the Australian Government Department of Agriculture and Water Resources and also the Australian Taxation Office.
Rates & Fees
Investment Period | Interest Paid at Maturity $1000 < $800,000 | Interest Paid Monthly $1000 < $800,000 | Interest Paid Annually $1000 < $800,000 |
---|---|---|---|
3 Months | 3.50 Interest rate | 3.50 Interest rate | N/A |
6 Months | 4.05 Interest rate | 4.05 Interest rate | N/A |
12 Months | 4.65 Interest rate | 4.55 Interest rate | N/A |
2 Years | 4.30 Interest rate | 4.20 Interest rate | 4.30 Interest rate |
Fees | |
---|---|
Monthly fee | $0 |