Farm Management Deposit Account
Protect yourself from the ups and downs of farming.
A Suncorp Bank Farm Management Deposit Account helps you manage cash flow in unpredictable times. You can defer payment of tax^ on any income deposited before 30 June, if you keep your money in the account for a minimum of 12 months. Talk to your local agribusiness manager about how a FMDA could help you.
- Set aside before-tax income, in a high-interest account
- No fees
- Manage your exposure to seasonal and commodity fluctuations
Interested? Contact your local Agribusiness Specialist and we'll come to you.
Want to know more? Download the Product Information Document.
Or click to view our interest rates.
Looking for a Business Overdraft instead? We have those, too.
Other Business Account and Term Deposit Options:
The options below will take you to our Business Banking website, which hosts a range of options for all types of businesses. If you want to know more about any product you see there, your local Agribusiness Specialist is still the one to call.
|Options||For your business|
|Business Everyday Account|
A solid transaction account for everyday banking.
The perfect account for depositing and maintaining sizeable sums of money.
A standalone, high-interest savings account.
A fixed-term and high interest-rate investment for guaranteed, secure returns.
Tax Information and Further RequirementsBecause the Farm Management Deposit Account affects the tax you pay, it’s important you’re made aware of its statutory eligibility requirements:
- 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 and Maximum Deposit of $800,000 (sum of all accounts).
- The deposit account must be in an individual's name.
How does the Farm Management Deposit Account (FDMA) constitute a tax benefit?
Any deposits into the FDMA account (providing you make them as an eligible body) are deferred as taxable income in the year they are deposited. When you make a withdrawal from your FMDA account, the amount of the deduction previously allowed is included in your assessable income in the withdrawal’s tax year.
Basically, you claim the help that those withdrawals provide in your time of hardship as taxable income.
Remember: It’s also important to talk a decision like this through with your accountant.
For a full list of eligibility requirements, pricing, and features, see the Farm Management Deposit Account Product Information Document, or simply call your local Agribusiness Specialist.
^This information has been prepared without knowing your objectives, financial situation or needs. This does not constitute tax advice. You should seek professional advice from your tax advisor as to how this product will impact on your tax position. The Farm Management Deposit Account is issued by Suncorp-Metway Ltd ABN 66 010 831 722 (“Suncorp Bank”). To determine whether you are eligible for this account and before making any decisions regarding this account, please read the Product Information Document regarding this product. Contact us for a copy. Fees, charges, terms and conditions apply.
Banking products issued by Suncorp-Metway Ltd ABN 66 010 831 722. Please read the applicable Product Information Document before making any decisions about this product. This information has been prepared without knowing your objectives, financial situation or needs. You should before acting on the advice, consider its appropriateness to your situation.