Financial Institutions Duty (FID) was a duty levied by Australian states and territories, except Queensland

Queensland

Queensland is a state of Australia, occupying the north-eastern section of the mainland continent. It is bordered by the Northern Territory, South Australia and New South Wales to the west, south-west and south respectively. To the east, Queensland is bordered by the Coral Sea and Pacific Ocean...

, on deposits to bank accounts, term deposits, and similar.

The tax was introduced in the different states on dates between 1982 and 1992. It was abolished in all states from 1 July 2001, as part of the package of reforms for the Goods and Services Tax

Goods and Services Tax (Australia)

The GST is a broad sales tax of 10% on most goods and services transactions in Australia. It is a value added tax, not a sales tax, in that it is refunded to all parties in the chain of production other than the final consumer....

. The Bank Account Debits Tax

Bank Account Debits Tax

Bank Account Debits Tax was an Australian tax levied on customer withdrawals from bank accounts with a cheque facility ....

 was also abolished as part of this package.

The duty was a percentage of the amount deposited, but with a maximum tax per deposit on ordinary accounts,

	ACT Australian Capital Territory The Australian Capital Territory, often abbreviated ACT, is the capital territory of the Commonwealth of Australia and is the smallest self-governing internal territory... , NSW New South Wales New South Wales is a state of :Australia, located in the east of the country. It is bordered by Queensland, Victoria and South Australia to the north, south and west respectively. To the east, the state is bordered by the Tasman Sea, which forms part of the Pacific Ocean. New South Wales... , Tas Tasmania Tasmania is an Australian island and state. It is south of the continent, separated by Bass Strait. The state includes the island of Tasmania—the 26th largest island in the world—and the surrounding islands. The state has a population of 507,626 , of whom almost half reside in the greater Hobart... , Vic Victoria (Australia) Victoria is the second most populous state in Australia. Geographically the smallest mainland state, Victoria is bordered by New South Wales, South Australia, and Tasmania on Boundary Islet to the north, west and south respectively.... , WA Western Australia Western Australia is a state of Australia, occupying the entire western third of the Australian continent. It is bounded by the Indian Ocean to the north and west, the Great Australian Bight and Indian Ocean to the south, the Northern Territory to the north-east and South Australia to the south-east...	NT Northern Territory The Northern Territory is a federal territory of Australia, occupying much of the centre of the mainland continent, as well as the central northern regions...	SA South Australia South Australia is a state of Australia in the southern central part of the country. It covers some of the most arid parts of the continent; with a total land area of , it is the fourth largest of Australia's six states and two territories.South Australia shares borders with all of the mainland...
Rate	0.06%	0.06%	0.065%
Max per deposit	$1,200	$1,500	$1,200

For term deposit or short term money market investments there was no limit on the duty per deposit. But for amounts of $50,000 or more and up to 185 days the duty was reduced by a factor days/365, so for example only 0.0012% on a 73 day investment (1/5 of the year).

The duty was levied according to the state where the bank account was domiciled, not where the account holder lived. About $1 billion per year was being collected just before its abolition (calculated by the Australian Bankers' Association).

Legislation

• Stamp Duties Act 1920 (New South Wales)
• Financial Institutions Duty Act 1982 (Victoria)
• Financial Institutions Duty Act 1983 (Western Australia), with effect 1 January 1984.
• Financial Institutions Duty Act 1983 (South Australia)
• Financial Institutions Duty Act 1986 (Tasmania)
• Financial Institutions Duty Act 1989 (Northern Territory) http://notes.nt.gov.au/dcm/legislat/legislat.nsf/0/3a0c6e92e91c431d69256c6800796a28?OpenDocument.
• Financial Institutions Duty Determination 1992 (Australian Capital Territory)