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Suncorp Bank Agribusiness - Farm Management Deposit Account

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Got a Question for Suncorp Bank Agribusiness?

Suncorp Bank Agribusiness offer 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 $65,000 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.

Suncorp Bank 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). Fixed deposit terms range from one month to twenty four with various interest payment frequencies. No fees. Earn high interest on entire balance. Deposits can be withdrawn in low-tax years to reduce the tax burden. Access 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 $400,000 (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. Professional advice from a tax advisor as to how this product will impact on tax position should be sought. 

There will not be a charge a fee for this product.

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