Article by QRAA
Building and implementing a robust succession plan for your family has just become more affordable, with the introduction of the Queensland Government’s Farm Management Grants this month.
Available from 24 March 2017 through QRAA, the grants help producers offset the costs of succession planning with rebates of up to $2,500 for professional advice related to family farm transfers. Eligible advice includes (but is not limited to) that received from solicitors, accountants, financial advisors and succession planners. Any Queensland primary producer, or their relatives with an interest in the primary production enterprise can now apply.
Good succession plans play a vital role both in helping hardworking Queenslanders retire comfortably and keeping the next generation on the land. QRAA Chief Executive Officer Cameron MacMillan is thrilled that QRAA can offer this funding to help secure the future of the rural sector.
“Succession can be a complex process, and a weak – or non-existent plan can have a devastating effect on not just the future of farming businesses, but on family relationships,” he said.
“Receiving professional help from trusted experts can make all the difference in ensuring a family farm transfer is as smooth as possible. By making it more affordable for farmers and their relatives to access this advice, we’re removing yet another obstacle in what can be an expensive process.”
QRAA has been allocated with funding of up to $3 million to deliver Farm Management Grants for at least three financial years. Producers and their relatives can apply for a rebate of up to $2,500 per year.
To take full advantage of the scheme and receive a grant in 2016-17, farmers are urged to apply as soon as possible. QRAA has put a pre-approval process in place to encourage producers and their relatives to start the succession conversation right now.
The application itself is a quick, easy process that can be completed via QRAA’s new online application portal, or submitted via email or post.
“We know that the end of financial year is approaching and that getting the family together for a meeting can take a while – so we’re relieving some of the time pressures and allowing applicants to put in a claim for their rebate in advance” Mr MacMillan said.
“This means they can engage their chosen professional and proceed with full confidence that a rebate will be paid once they get the advice they need.”
To receive a Farm Management Grant for 2016-17, applications must be received by QRAA by 30 June 2017. Quotes or estimates are needed for pre-approval and receipts showing payment has been made are needed before a rebate can be paid.
Producers with questions regarding the assistance are encouraged to speak to their local QRAA Regional Area Manager who can walk them through the requirements and application process.
For more information on Farm Management Grants, visit www.qraa.qld.gov.au or Freecall 1800 623 946.