Farm Management Deposit

Our Farm Management Deposit is designed to help you minimise some of your risk and manage your exposure to adverse economic events and seasonal fluctuations. Find out more today!

Take control and minimise your risk.

In farming, unexpected events like droughts, seasonal fluctuations and pest problems can cause havoc for your business.

Take control with a Farm Management Deposit, designed to prepare you for the years where things don’t go to plan. Eligible Primary Producers can set aside pre-tax income in the years you need it least, for the years when you need it most.

For more information on eligibility, please review our Mandatory Statement.

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What you need to know about the Farm Management Deposit Scheme:

  • It’s managed by the Australian Government and allows eligible primary producers^ with a taxable non-primary income of no more than $65,000 to deduct the amount of any Farm Management Deposit they own from their assessable income for the income year that they make the deposit.
  • The amount deducted cannot exceed your taxable primary production income for the year.
  • If you withdraw a Farm Management Deposit, the amount of the previously approved deduction is included in your assessable income in the withdrawal tax year.
  • You’ll get tax benefits only if you keep your Farm Management Deposit for at least 12 months.
  • This account is protected by the Australian Government deposit guarantee. Up to $250,000 of deposits in 'protected accounts' held by an entity with Auswide Bank are covered under the Financial Claims Scheme.

To transfer a Farm Management Deposit to Auswide Bank, simply:

  • Let us know that you’d like to transfer your existing holdings to us when you open your account
  • Open a new, ‘nil balance’ account with us
  • Write to your existing financial institution and ask to transfer your total holdings to your new Auswide Bank Farm Management Deposit
  • Open another Auswide Bank account to receive interest payments

More information about the Farm Management Deposit Scheme can be obtained from the Department of Agriculture, Fisheries & Forestry website. We recommend applicants seek independent accounting or taxation advice prior to opening this Account.

With a Farm Management Deposit, you can enjoy:

  • Competitive monthly interest paid into your other nominated Auswide Bank account designed to allow eligible primary producers with a taxable non-primary production income of not over $100,000 to shift before-tax income from years when they need it least to years when it is most needed to help manage their exposure to adverse economic events and seasonal fluctuations.
  • The FMD Scheme which is managed by the Australian Government allows eligible primary producers in the scheme to deduct the amount of any Farm Management Deposit they own from their assessable income for the income year in which the deposit is made. However, the amount of the deductions cannot exceed their taxable primary production income for the year. If a Farm Management Deposit is withdrawn, the amount of the deduction previously allowed is included in their assessable income in the withdrawal tax year.
  • Funds on-call - minimum withdrawal amount $1,000 OR whole balance on closure of the account
  • Branch access - withdrawals by cash, “bank” cheque or transfer to another Auswide Bank account under same client number telephone, internet and mobile banking access (view only)
  • Minimum opening balance - $1,000
  • Maximum balance - $400,000
  • No account service fee or transaction fees
  • Statements issued 6 monthly

Account Fees

Enjoy no account or transaction fees on your Farm Management Deposit.

Other Fees and Charges

Other fees & charges apply but are debited from the customers nominated account. Please review our Guide to Farm Management Deposit for full details.

Interest Rates

Interest is calculated daily and is paid monthly to another Auswide Bank account under the same client number.

Please review our Special Entity Accounts Interest Rate Schedule »


Open a new Auswide Bank account for a business/organisation.

Step 1 - Complete and sign a New Client form for each individual Signatory or Authority to Access. (This form is not required if you are already a Signatory/Authority to Access on an existing Auswide Bank account).

Step 2 - Complete a Business Client form. The Business Client form needs to be signed by each director or authorised officer of the business/organisation. (This form is not required if the business/organisation has an existing Auswide Bank account).

Step 3 - Provide Auswide Bank with evidence of the identity of each Signatory/Authority to Access (as required by the Anti-Money Laundering and Counter-Terrorism Financing (AML/CTF) Act 2006). (Identification is not required if you are a Signatory/Authority to Access on an existing Auswide Bank account and you have previously provided identification).

Your identity can be verified by you providing your relevant identity documents in person at any Auswide Bank branch. If you are sending your application by mail and you are unable to visit one of our branches, you will be required to lodge at your nearest Australia Post outlet, an Australia Post - Identity Verification Form along with your original and current identification documents as detailed on this form.

Step 4 - In addition to Signatories/Authorities to Access providing their own identification businesses/organisations are required to provide documentation as outlined on the Identification Requirements under the Anti-Money Laundering and Counter-Terrorism Financing (AML/CTF) Act 2006.

Step 5 - Complete an Account Application form and have it signed by each individual Signatory or Authority to Access and return along with a cheque/money order for the minimum opening balance or a completed and signed Direct Debit Request (DDR) form (in which case we will debit the amount from another financial institution account).

Step 6 - Once complete please return forms to your nearest Auswide Bank branch; or post to: Reply Paid 1063, Bundaberg QLD 4670; or alternatively, fax through to (07) 4152 3499.

Please allow 3 working days from receipt by Auswide Bank for processing.

Note: Auswide Bank will also require an ASIC Company Search to be performed prior to opening company accounts. A fee will apply for this service and will be debited to the new account.

Close my existing account at another financial institution

Normally you would contact the financial institution direct and ask them to close your account. However we can attempt to do this on your behalf.

Complete and sign an Authority to Close Account form. All signatories on the account at the other financial institution should sign.

Once complete please return form to your nearest Auswide Bank branch; or post to: Reply Paid 1063, Bundaberg QLD 4670; or alternatively, fax through to (07) 4152 3499.

Please allow 3 working days from receipt by Auswide Bank for processing.

Upon receipt from you, we will deliver the form to the other financial institution on your behalf.

^ Eligibility criteria and terms and conditions apply to this Account, please refer to the Mandatory Statement we will provide on account application. An individual can own more than one farm management deposit, and can own farm management deposits with different FMD providers, but the sum of the balances of all of the farm management deposits of an owner must not be more than the maximum deposit limit of $400,000.00. Available to individuals only - companies or other entities are not eligible. Deposits cannot be made by two or more people jointly or, made on behalf of two or more people. Trustees can only make deposits on behalf of a beneficiary who is entitled to a share of the income of the trust estate and is under a legal disability. Please check with the Department of Agriculture, Fisheries & Forestry if you are unsure of your eligibility status. A primary producer is an individual who:
- has a primary production business in Australia, but not as a trustee of a trust estate (for example, a dairy farm, trout hatchery, pecan plantation, olive grove, pine plantation, orchardist, wheat farm, beef cattle lot)
- is a partner (not a company) in a partnership that has a primary production business in Australia, or is a beneficiary (not a company) who is currently entitled to a share of the income of a trust estate where the trustee has a primary production business in Australia.
Please check with the Australian Tax Office if you are unsure of your status as a 'primary producer'

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