Why separate your business and personal accounts
Here's three reasons why you should keep your business and personal accounts separate.
Learn more
21 January 2022: Heritage Bank’s Plaza Branch and Business Banking Centre in Toowoomba will remain closed for the immediate future while repairs take place following damage from last weekend’s storm.
Primary producers can set aside pre-tax income in good years to use when the farm isn’t making as much money as usual or the season isn’t so great.
Farming can be a risky business so we’ve developed a Farm Management Deposit account to help primary producers manage some of this risk. In some circumstances, by depositing funds into a Farm Management Deposit account, you may be able to reduce your taxable income for the year by the amount of the deposit (up to a maximum amount of $800,000).
Features include:
|
||
|---|---|---|
| Interest Rate | ||
| farm management term investment (12 months) | ||
| farm management term investment (24 months) | ||
| Interest paid - quarterly (deduct 0.10% from quoted interest rates); or annually; or at maturity | ||
| farm management account at call ($1,000 to $49,999) | ||
| farm management account at call ($50,000 to $800,000) | ||
| Tiered interest rates calculated on daily balances and paid quarterly | ||
| Account keeping fee | $0 |
| Transaction fee | $0 |
| Minimum opening balance | $1,000 |
| Minimum operating balance | $1,000 |
| Maximum operating balance | $800,000 |
Why separate your business and personal accounts
5 tips on where to start with your small business
Small business pricing strategy: getting the most from what you do
How to choose a business structure
Our specialists will help you find the right product and support you through every step of the purchase.
Or call 13 14 22 to speak to an expert