How to open a Farm Management Deposit online
If you’re an existing Westpac customer and are registered for Online Banking, you can apply online for a Farm Management Deposit account in less than 10 minutes.
Westpac Online Banking is available to update Farm Management Deposits from 8.00am to 9.30pm Monday to Friday and 8.00am to 4.00pm on Saturdays (AEST).
If you are a sole trader, partner in a partnership or beneficiary of a Trust, you can sign in to Online Banking from a desktop to open a Farm Management Deposit.
- You must have a TFN or ABN registered with Westpac Online Banking
- You must be an individual primary producer in Australia earning no more than $100,000 p.a. in non-farm income in the year of the FMD deposit
- You can have multiple FMD accounts and with different banks, but you cannot hold more than $800,000 in total in FMDs
- You must comply with the ATO Farm Management Deposits Scheme special legislative requirements.
Note: Business Networks are currently not eligible to open a Farm Management Deposit in Online Banking.
How can I fund my Farm Management Deposit?
You can fund your Farm Management Deposit by transferring funds from a linked Westpac account or via BPAY®.
If you selected to transfer funds however the application is asking you to make a BPAY® payment, this may be because:
- Insufficient funds in the linked account you wanted to transfer funds
- An error in processing the transfer funds payment.
What if I enter my details incorrectly?
You can update your Farm Management Deposit details by calling Customer Care on 132 142, 8.00am to 5.00pm Monday to Friday local time.
Tell me more about interest being disbursed for FMDs
Interest must be disbursed regularly for Farm Management Deposits. Only the principal investment amount can be reinvested at maturity. You are able to manage instructions during pre-maturity and during the 6-day Variation Period once the FMD has matured.
Things you should know
Eligibility criteria, terms and conditions, fees and charges apply. The minimum amount that can be deposited into a Farm Management Deposit Account is $1000. The total of all Farm Management Deposit Accounts held cannot exceed $800,000. The primary producer’s non–primary production income must be less than $100,000 in the financial year they make the deposit to be eligible for tax benefits.
This information does not take your personal objectives, circumstances or needs into account. Consider its appropriateness to these factors before acting on it and read the Terms and Conditions before deciding.
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 an FMD account.
Funds need to be held in a Farm Management Deposit for a minimum of 12 months (except in certain circumstances) to qualify for the tax benefit.