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Farm Management Deposits
Primary producers have long known the value of "saving for a
rainy day", or as typically the case, drought and lacklustre
commodity prices. The Rock's Farm Management Deposits help you, our
agricultural customer, better manage business risk by setting aside
pre-tax income from profitable years, while also offering
significant tax benefits.
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The FMD balance is fully tax deductible in the year of
deposit and only taxable in the year of withdrawal. As a
primary producer this allows you to reduce your taxable income and
reserve funds for when they are needed most. Importantly, to
qualify for an FMD and receive these tax benefits, deposits must
usually be held for a minimum of 12 months.
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Qualifying
criteria
FMDs are available to primary producers with a taxable non-primary
production income of no more than $65,000 in the year of deposit,
for investments totalling no more than $400,000 per producer.
Total FMD deductions in any year cannot exceed your taxable
primary production income for that year. You can have more than one FMD, but all must be held with the
same financial institution and must not total more than the maximum
deposit limit.
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Companies, trusts and partnerships are not eligible to hold
FMDs. However, they are available to certain beneficiaries of
trusts and individual partners of a partnership.Minimum withdrawals
of $1,000 can be made. However, if the account is being closed,
this minimum withdrawal amount does not apply.
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Farm Management Deposit
rates
For a PDF print version of all Farm Management Deposit rates
click here.
FMD
features
- Interest calculated on the daily closing principal balance with
a range of interest payment options to your nominated Rock
account.
- No account keeping fees
- Interest rate for the fixed term of your investment from a
choice of 3, 6, 12 and 24 months
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The Rock's FMD enables
you to choose a deposit account which best suit you from our
variable or fixed rate interest rate options. Each account is
backed by our standing as an Approved Deposit Taking Institution,
governed by the Australian Prudential Regulation Authority,
together with the fact that all deposits are fully guaranteed by
the Australian Federal Government.
The Rock has its roots
in regional and rural Queensland, having been established in 1967
in Rockhampton, at the heart of Central Queensland's grazing and
cropping belt.
Importantly, The Rock has retained its focus on customers and
regional Australia, expanding through providing banking services in
rural towns and, in turn, supporting those communities in which we
do business.
Therefore, your investment with The Rock is an investment in your
regional community.
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Other terms and conditions apply to The Rock's FMDs. For more
information, please read the product brochure, which also includes
an application form.
Alternatively, please read the Product Schedule (Investment
Accounts).
Want to
establish a Rock Farm Management Deposit?
To invest in a Rock Building Society Farm Management Deposit,
please complete an application form and drop it into your nearest
Rock Building Society branch or agency. Alternatively, your
completed application can be faxed to our Customer Care staff on
(07) 4931 8897. We will then contact you and finalise the details
of your investment.
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