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Farm Management Deposit Account

A Farm Management Deposit Account (FMDA) can be a tax-effective solution to help eligible primary producers manage their cash flow.

To open an account with us:

Find my nearest branch Call 13 11 55

An account designed to help primary producers

No monthly fees, forever

and no Suncorp Bank transaction fees

Take advantage of tax benefits

Deposits must remain in account for 12 months

Safe and secure

deposits up to $250k are guaranteed

Our FMDAs are designed to help primary producers tax-effectively move income from good to bad financial years to help with seasonal fluctuations and adverse events that effect cash flow (i.e. natural disasters, demand issues, weather events). It works by allowing primary producers a tax deduction for deposits into an FMDA that are held for 12 months or more. This allows primary producers to build up cash reserve to manage risk and cash flow in uncertain times. Some conditions apply (Find out more about eligibility).

For further information, please visit the Department of Agriculture & Water Resources site.

Choose from two options

Flexible access to your money

Farm Management Deposit Account

At call


Variable interest rate on balances $1000 - $800,000

Interest rate

variable rate

Why a Farm Managment Deposit Account At Call?

  • Money available at call
  • Offset against an eligible Suncorp Agribusiness loan
  • Earn standard variable interest on your account balance
  • Access your money through our branches or your Agribusiness Manager
  • Enquiries can be made via Telephone Banking, Internet Banking or Mobile Banking. Transacting via these methods is not available on a FMDA

Fixed term interest earning

Farm Management Deposit Account

Term Deposits


Fixed interest rate on balances $1000 - $800,000

6 Months

Fixed rate

12 Months

Fixed rate

24 Months

Fixed rate

Why a Farm Managment Deposit Account Term Deposit?

  • Guaranteed rate of interest
  • Flexibility to choose length of term
  • Funds are set away for the nominated term.
  • Access your money through our branches or your Agribusiness Manager
  • Enquiries can be made via Telephone Banking, Internet Banking or Mobile Banking. Transacting via these methods is not available on a FMDA

How can these accounts provide potential tax benefits?

As long as you’re eligible, any deposits made into your Farm Management Deposit Account are tax deductible for the financial year in which they’re made. This money only becomes taxable income in the financial year when it is withdrawn.

Until then, it’s earning you interest to help build a cash reserve to support your business in the future.

This information doesn’t take into account your own objectives, financial situation or needs. You should still seek professional advice from your registered tax advisor as to how this product may affect your tax position.

Eligibility

To be eligible for this account you must:

  • Be a primary producer at the time the deposit is made
  • Keep your deposit in the account for at least 12 months to take advantage of the tax benefits (limits apply)
  • Deposit between $1,000 and $800,000 for the relevant Financial Year
  • Open the account in an individual’s name only (no joint accounts)
  • Have a taxable non-primary income of $100,000 or less

Ready to apply?

Find my nearest branch Call 13 11 55

Or contact one of our Agribusiness specialists

Interest rates

Ready to apply?

Find my nearest branch Call 13 11 55

Or contact one of our Agribusiness specialists

Things you should know

This information does not constitute tax advice. You should seek professional advice from your registered tax adviser as to how this product will impact your tax position. Any information contained in this document has been prepared without taking into account your particular objectives, financial situation or needs.  For that reason, before acting on the information, you should consider the appropriateness of the information having regard to your own objectives, financial situation and needs. Where the information relates to the acquisition, or possible acquisition, of a particular financial product, you should consider the Product Information Document before making any decision regarding the product.  Contact us for a copy.

Deposit products issued by Suncorp-Metway Ltd ABN 66 010 831 722 AFSL 229882 (“Suncorp Bank”). Fees, charges, terms and conditions apply and are available on request.