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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.
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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.
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
Effective 8 December 2008
| FARM MANAGEMENT DEPOSITS |
3
Months |
6
Months |
12
Months |
24
Months |
| $1,000 to $5,000 |
4.55% |
4.05% |
3.45% |
3.70% |
| $5,000 to $25,000 |
4.55% |
4.05% |
3.45% |
3.70% |
| $25,000 to 50,000 |
4.55% |
4.05% |
3.45% |
3.70% |
| $50,000 to $75,000 |
4.85% |
4.35% |
3.75% |
4.00% |
| $75,000 to $400,000 |
4.85% |
4.35% |
3.75% |
4.00% |
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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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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
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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