The Queensland Government has released its new Farm Management Grant through the Queensland Rural and Industry Development Authority (QRIDA) to assist eligible Queensland primary producers (or their relatives) offset the costs of professional advice associated with succession planning.
Rebates of up to 50% of the amount paid for professional advice are available (to a maximum of $2,500 for each financial year of the scheme.) To receive a rebate for a financial year, an application must be received in that year and may include an application made before professional advice is received.
The scheme will close to applications on 30 June 2019.
Who is eligible to receive a farm management grant?
Primary producers or their children or relatives who have received, or are seeking professional advice about the transfer or sale of the primary production enterprise are eligible for assistance under the scheme. The grant is not limited to one application per farm, but is open for all family members related to the farm (i.e. a family of four – Mum, Dad and two children – could receive up to $10,000 in grants per year).
What assistance is available under the Farm Management Grants Scheme?
The Farm Management Scheme provides rebates of up to 50% of the cost of professional advice received in relation to succession planning and the intergenerational transfer of farm businesses.
The maximum payment under the scheme is $2,500 for each receipt provided to QRIDA and applicants may only receive a maximum of $2,500 per financial year.
How long will the scheme be available?
The scheme will be open to applications until 30 June 2019 unless funds allocated for grants in a financial year are fully used.
If this occurs the scheme will be reopened to applications upon commencement of the next financial year.
Are there requirements for who can provide professional advice?
To be eligible for assistance under the scheme, advice must be provided by an adviser who has relevant qualifications to provide the advice, or has membership of a professional body that entitles the adviser to give the advice. The adviser must not be related to the applicant or employed by an entity owned or partially owned by the applicant.
Can more than one application be submitted in a financial year?
More than one application can be submitted in a year if the maximum assistance of $2,500 has not been reached.
Can applications be submitted before professional advice is received?
Yes. Applications should be submitted with quotes and any other relevant documentation on the proposed advice. This advice however, must have been received after 23 March 2017.
Payment of the assistance will be made after receipt of a tax invoice from the provider and evidence of payment associated with the invoice.
How to apply:
Applications can be made through Marsh & Partners or direct through QRIDA. You can find further information at the QRIDA website or from our business advisors. You can contact us on 07 3023 4800 or at mail@marshpartners.com.au
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