Farm Management Deposit Account

St.George's Farm Management Deposit Account helps you even out the good and the bad years.

Using the Farm Management Deposit Account, you can set aside your before tax income to establish cash reserves to help manage better through the lean years.

Free of any account service fees, the account earns an effective rate of interest on all of the funds deposited.

You can deposit as little as $1,000 and as much as $400,000 for a minimum of twelve months and may only pay tax when you draw on the funds.

Any deposits in the account may not be included in your taxable income in the year of deposit, as long as the deposit complies with the Federal Government requirements.

Are you eligible?

You can open a Farm Management Deposit Account if -

• You are an individual, an individual member of a partnership or an individual beneficiary of a trust and you, the partnership or trust carry on a primary production business for the purposes of tax law.
• You, the partnership or trust have a taxable non-primary production income of less than $65,000
• You do not have a Farm Management Deposit Account with any other Financial Institution.

You should seek independent taxation advice to confirm your eligibility and any taxation implications.

Download the Application Form

For your convenience, St.George's Farm Management Deposit Account Application Form is available for you to download and print. Please complete the form and take it to your nearest Rural and Business Banking Centre who will open an account, or deposit additional funds into your existing Farm Management Deposit Account, for you.

More information?

If you would like to open a Farm Management Deposit Account, or know more about the terms and conditions for this account, please call into one of our Rural and Business Banking Centres or call on 1300 301 582.

*1 Year fixed interest rate current as at 1 May 2010 and available on balances between $1,000 and $400,000. During the 12 month term, interest is paid monthly. Offer is subject to change. Eligibility criteria and conditions apply. Following lodgement of the minimum balance requirement, the rate is fixed for the term.The interest rate is reduced if you access your balance during the term of the account. Standard Term Deposit rates will apply for subsequent terms. Information does not take into account your objectives, financial situation or needs. Before acting on the information, consider whether it is right for you. You should readthe terms and conditions document before making a decision. We recommend you seek independent tax advice. Information about taxation should only be used as a guide. Farm Management Deposit Accounts are issued by St.George Bank - a division of Westpac Banking Corporation ABN 33 007 457 141 AFSL 233714.