Farming is a risky business. Not enough rain, pest problems, broken down tractors and fluctuating market prices... it seems like there isn’t much you can control. We're here to help you minimise some of your risk, with our Farm Management Deposit account.
Heritage’s Farm Management Deposit account allows primary producers to set aside pre-tax income in good years to use when the season isn’t so great, or if your farm isn’t making as much money as usual.
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).
- High interest rate
- No account keeping fees
- Possible tax-saving benefits
- Deposit between $1,000 - $800,000
Two investment options are available:
- At call savings with a variable interest rate
- Fixed term investment for 12 or 24 months*
To open a Farm Management Deposit account you must meet special legislative requirements.