What are Farm Management Grants?
Farm management grants help primary producers offset the cost to hire professionals to advice about succession planning to the value of $2,500 + GST.
The objective of the Farm Management Grants is to help primary producers or their relatives offset the costs of professional advice associated with planning the transfer of an interest in the primary production enterprise.
Succession planning is a process for identifying and developing new leaders who can replace old leaders when they leave, retire or die. Succession planning increases the availability of experienced and capable employees that are prepared to assume these roles as they become available. Taken narrowly, “replacement planning” for key roles is the heart of succession planning.
What are the key components of Succession Planning?
Succession has been referred to by farm table as a three legged stool as there are three equally indispensable parts of the process:
- Estate planning – transfer of ownership of family/individual assets.
- Retirement planning – transition of labour and management
- Business transition/succession planning– transfer of management and/or control of the family farm business (or a part of) to another member(s) of the family.
Rebates of up to 50 per cent of the amount paid for professional advice, to a maximum of $2,500 for each financial year of the scheme, are available. 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.
Farm Management Grants are only available for the purpose of obtaining professional advice on succession planning. Grants are not provided for activities related to the costs associated with implementing a succession, estate or financial plan.
Costs eligible for the rebate include those for professional advice provided by suitably qualified professionals including for example, accountants, succession advisors or solicitors
To be eligible for Farm Management Grants an applicant must demonstrate to QRIDA’s satisfaction that:
- the applicant is a primary producer or a relative of the primary producer; and
- they have paid for, or will pay for, eligible professional advice; and
- the eligible professional advice was received on or after 23 March 2017; and
- the eligible professional advice was or will be provided by a suitably qualified professional adviser who is –
- not related to the applicant; and
- not employed by an entity owned or partially owned by the applicant.
Farm Management Grants applications closed on 29 June 2019.
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