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Information for Approved Deposit-taking Institutions ADIs
A financial institution can include farm management deposits in its product range if it meets the Government's prudential requirements or is government-guaranteed. This includes banks, credit unions and building societies.
Financial institutions offering farm management deposits must comply with the scheme’s terms and conditions under the Income Tax Assessment Act 1936. The Act (section 393-25) defines a financial institution for the purposes of the farm management deposits scheme.
The Australian Prudential Regulation Authority (APRA) has information on the Government's prudential requirements, including a list of authorised deposit-taking institutions.
When offering farm management deposits, financial institutions must provide clients with a mandatory statement on the scheme’s conditions.
Financial institutions should not accept applications without checking that clients do not already have farm management deposits with another institution – otherwise the newly opened deposit will not be recognised. The financial institution could also be liable to the client for any loss or damages.
Reporting on farm management deposits
All financial institutions offering farm management deposits must report to the Department of Agriculture, Fisheries and Forestry. Please contact us to request reporting requirements.