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Save time by managing Farm Management Deposits online

3-minute read

As a primary producer, you’ll have quite enough challenges in your day without having to find time to head into town to do your banking. More and more banking tasks can now be managed online, including opening and rolling over Westpac Farm Management Deposits.

Key take-outs
  • Farm Management Deposits can be a tax efficient way of saving 
  • FMDs are only available to eligible primary producers
  • Westpac FMDs can now be managed online
  • Other online business banking products are also available

What is the Farm Management Deposit scheme?

The Farm Management Deposit (FMD) scheme is a government initiative that helps farmers build cash reserves for future needs using tax-efficient savings. Funds from good seasons can be set aside for restocking or replanting, or to save for new vehicles and equipment.


The Westpac Farm Management Deposit is a fixed-term, fixed-interest rate deposit account for eligible primary producers in Australia. FMDs can accept deposits of between $1,000 and $800,000. 

How are Farm Management Deposits tax efficient?

FMDs provide guaranteed returns, but the tax payment on those returns can be deferred until the tax year the deposit matures and you access the funds. If you keep rolling the deposit over at maturity, the tax deferment rolls over too.


Most importantly, the initial deposit is tax deductible in the tax year of the deposit. You only pay tax on the income in the year it is withdrawn1.


To be eligible for these tax benefits, the funds must be deposited for at least 12 months. You can still make a deposit and earn interest for shorter fixed periods, but you’ll be liable for the normal tax on your earnings. 


The fine details of eligibility can be found on the Government’s FMD webpage or in our Farm Management Deposit Terms and Conditions (PDF 274KB).

Can I open and manage an FMD without visiting a bank?

With Westpac Farm Management Deposits, you will need to visit a branch to open a new FMD. However, recognising that our agribusiness customers often operate in remote locations, we’ve made it as easy as possible for you to manage your account remotely ongoing.


At maturity, you can choose to roll your savings over, add to them (up to the $800K limit), withdraw partially from them, or close your account – and to help save time you can provide your FMD instructions online


To manage your banking remotely, you’ll need to be registered for Westpac Online Banking2.

What other banking can I do online?

Subject to eligibility, you may be able to:



Alternatively, for specialist agribusiness banking products you can:



Online banking is undoubtedly the way of the future, but for businesses that operate in remote locations it is an essential service right now. That’s why Westpac is working tirelessly to help agribusinesses do as much of their banking online as possible, to avoid time-consuming branch visits. And that includes managing Farm Management Deposits online.

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Things you should know

The information in this article is general in nature and does not take your objectives, financial situation or needs into account. Consider its appropriateness to these factors; and we recommend you seek independent professional legal and/or financial advice about your specific circumstances before making any decisions.


1. The taxation position described is general in nature and should not be relied upon as a complete or definitive statement of the law and its application to your circumstances; and it does not constitute tax advice. Westpac recommends you obtain specific tax and financial advice on your own position from suitably qualified advisers before opening a Farm Management Deposit account. 


2. Account opening criteria applies to Westpac Online Banking.