Farm Management Grants Scheme
The Queensland Government has introduced the Farm Management Grants Scheme to assist eligible primary producers and their family members to manage the costs of succession planning.
Under the Farm Management Grants Scheme, a primary producer (or a relative) may seek a 50% rebate of the amount paid for professional advice associated with succession planning and the intergenerational transfer of farming businesses. The maximum rebate payable under the scheme is $2,500.00 per financial year.
The scheme applies to advice received after 23 March 2017 and will be open to applicants until 30 June 2019, or until the funds allocated for grants under the scheme each financial year are exhausted.
However, in order to be eligible to receive a rebate under the scheme, the advice must be provided by a suitably qualified, independent professional such as a solicitor or accountant. Applications for the grant may be submitted before the advice is actually received, but payment of the rebate amount will not be made until after a tax invoice and evidence of payment has been provided.
Most importantly, the grant is only available to assist with the cost of succession planning where the transfer of farming assets takes place during the lifetime of the primary producer. This means that the costs of obtaining advice in relation to your will (which may include gifts of farm assets after your death) are not able to be claimed under the scheme.
Nevertheless, the Farm Management Grants Scheme offers valuable assistance to Queensland’s farming families. If you are a primary producer, or related to a primary producer, and are considering your business succession plan options, please feel free to contact our business and property team to find out more. Click to apply for the Farm Management Grant.
Please do not hesitate to contact our office on (07) 4963 2000 or via our online contact form.