Business Services: Suncorp Agribusiness Farm Management Deposit Account
Business Services offered by Suncorp include Farm Management Deposit Accounts.
What is a Farm Management Deposit Account? It is a risk management solution designed to allow primary producers with a taxable non-primary production income of not over $50,000 to shift before-tax income from years when they need it least to years when it is most needed to cover their exposure to seasonal and economic fluctuations.
Benefits of a Suncorp Farm Management Deposit Accounts:
Choose between a fixed or variable rate. Earn interest on pre-tax income. Interest is paid annually on anniversary of account opening (variable rate deposits). Interest is paid annually upon maturity (fixed term deposits). No fees. Earn high interest on entire balance. Deposits can be withdrawn in low-tax years to reduce the tax burden. Access your account details online or over the phone using phone banking.
Statutory Requirements for Farm Management Deposit Accounts:
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. Maximum Deposit of $300,000 (sum of all accounts). The deposit account must be in an individuals name. All Farm Management Deposit Accounts must be with the one financial institution.
Tax Benefit Allows eligible primary producers to defer their income by investing before tax income in the year the deposit is made - paying tax only when the withdrawals are made. You should seek professional advise from your tax advisor as to how this product will impact on your tax position.
Fee Free You will not be charged a fee for this product.
For further information see the Suncorp Agribusiness Website: http://suncorp.com.au/suncorp/business/agribusiness/farm_management.html
12-Sep-2006