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Farm Management Deposit

Even out the good and bad years
  • This account allows you to set aside pre-tax income in profitable years to establish cash reserves and manage low income periods
  • No account service fees and you earn interest on every cent
  • Minimum deposit of $1,000, maximum deposit of $800,000
  • Deposits into the account may be deducted from assessable income in the year of deposit, if the deposit complies with Federal Government requirements. Withdrawals are included in assessable income in the year of withdrawal.

Interest

Fees

  • No monthly account service fee
  • A Real Time Gross Settlement (RTGS) fee applies when funds are transferred to another Financial Institution

Term

  • Deposits must usually be held for a minimum of 12 months to comply with Federal Government requirements
  • Fixed terms for 12 or 24 months are available

Access

Call us

  • For further information contact 13 13 76

Visit a branch

Requirements

  • You may open a Farm Management Deposit Account if:
    • You're an individual carrying on a primary production business (including a primary production business you carry on as a partner in a partnership or as a beneficiary of a trust)
    • Your taxable non-primary production income is not more than $100,000
  • You should seek your own independent professional taxation advice to confirm your eligibility and any taxation implications

What you'll need

How to apply

Important information

Conditions and fees apply.

The statements made do not constitute tax advice or any recommendation as to the suitability of the product, and are based on current tax laws and their interpretation. You should seek your own independent professional taxation advice to confirm your eligibility and any taxation implications. Before acquiring or deciding to hold a product you should read the terms and conditions that apply to the product.

Please read these documents and keep a copy. You can request a paper copy at a branch.

Issued by BankSA, A Division of Westpac Banking Corporation ABN 33 007 457 141 AFSL 233714 Australian Credit Licence 233714. The information on our website is prepared without knowing your personal financial circumstances. Before you act on this, please consider if it's right for you. If you need help call 13 13 76.