What is a Farm Management Deposit Account?
It is a risk management solution designed to allow primary producers with a taxable non-primary production income of not over $65,000 to shift before-tax income from years when they need it least to years when it is most needed to cover their exposure to seasonal and economic fluctuations.
Benefits of a Suncorp Farm Management Deposit Accounts?
- Choose between a fixed or variable rate.
- Earn interest on pre-tax income.
- Interest is paid annually on anniversary of account opening (variable rate deposits).
- Interest is paid annually upon maturity (fixed term deposits).
- No fees.
- Earn high interest on entire balance.
- Deposits can be withdrawn in low-tax years to reduce the tax burden.
- Access your account details online or over the phone using phone banking.
Statutory Requirements for Farm Management Deposit Accounts:
- The deposit account holder must be a primary producer when the deposit is made.
- Deposits need to remain invested for a minimum of 12 months to take advantage of the taxation benefit.
- Minimum Deposit of $1,000.
- Maximum Deposit of $400,000 (sum of all accounts).
- The deposit account must be in an individuals name.
- All Farm Management Deposit Accounts must be with the one financial institution.
Please refer to the Product Information Document (PDF 123k) for other statutory Requirements.
| Feature |
Description |
| Interest Rate |
- Variable Interest Rate.
- Fixed Term deposits are available -terms range from one month to twenty-four months.
- Check the latest Interest Rates.
|
| Tax Benefit |
Allows eligible primary producers to defer their income by investing before tax income in the year the deposit is made - paying tax only when the withdrawals are made. You should seek professional advise from your tax advisor as to how this product will impact on your tax position. |
| Fee Free |
You will not be charged a fee for this product. |
Product Information Document
Terms and conditions apply.
Farm Management Deposit Account Product is issued by Suncorp-Metway Ltd. ABN 6610831722. Please read the Product Information Document (PDF 123k) before you make any decisions regarding the product.
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