As of 1 July 2001, Australia's Financial Institutions Duty (FID) was abolished.
FID is a tax on deposits and its abolition was part of the Federal Government’s tax system reforms. ANZ systems and processes were modified for this change, and have ceased to charge FID on all deposits that were made to accounts after 1 July 2001.
FID may still appear on customer statements after 1 July 2001, but this will relate to deposits made on or before 30 June 2001.
Customer accounts held in Queensland will not be affected, as FID is not levied in this State.
If a customer has an account with cheque access, Debits Tax (also known as Bank Accounts Debits Tax or BAD) will continue to apply to debits made to those accounts, in all States other than NSW. Debits Tax was abolished in New South Wales as of 1 January 2002, with remaining States and Territories expected to abolish no later than 1 July 2005.
For further information on BAD Abolition, please contact your State Treasury Office.
For further information about FID changes, please contact your branch or relationship manager, or call ANZ on 13 13 14.
You can also view our Frequently Asked Questions