Glossary
Glossary of terms and acronyms related to Australian banking, finance and investments.
FID
Financial Institutions Duty (FID) is a now-defunct fee imposed on deposits to savings, term deposits, and other bank accounts. It was essentially a form of tax paid by financial institutions on the receipts generated from customer transactions, or their earnings from people's deposits. The amount varied by state but was usually a percentage of the amount deposited, with a cap imposed on large deposits on ordinary accounts. The FID was imposed in all Australian states except Queensland, and was abolished in 2001 with the reforms for the Goods and Services Tax.
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