Farm Management Grants are now available to assist eligible Queensland primary producers or their relatives with succession planning advice. As succession/transition planning experts, EnVision Partners is a regular witness to the negative impacts that commencing a succession planning review and strategy has when implemented too late. The impacts of a delayed succession plan can cost you tens of thousands of dollars and generate a great deal of unnecessary stress. With QRIDA currently offering rebates for succession planning advice, now is a good time to get started. At EnVision Partners, we see our customers falling into two categories:
- Customers who proactively plan in advance for their succession and therefore make the most out of potential strategies available to them and their family; or
- Customers who desire to sufficiently plan, however, the costs of professional advice leave them feeling limited in what they should pursue.
What assistance is available under the Farm Management Grants Scheme?The Farm Management Scheme provides rebates of up to 50 per cent 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 per financial year.
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. To be eligible for assistance an applicant must demonstrate to QRIDA’s satisfaction that: a) the applicant is a primary producer or a relative of the primary producer; and b) they have paid for, or will pay for, eligible professional advice; and c) the eligible professional advice was received on or after 23 March 2017; and d) the eligible professional advice was or will be, provided by a suitably qualified professional.
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. In the event that this occurs, the scheme will be reopened to applicants upon commencement of the next financial year.
Are there requirements for who can provide professional advice?Yes. 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. Matthew Burke at EnVision Partners is an eligible advisor.
Can applications be submitted before professional advice is received?Payment of the assistance will be made after receipt of a tax invoice from the provider and evidence of payment associated with the invoice.
Note: The scheme will be operating in 2016-17, 2017-18 and 2018-19 financial years. To receive a rebate for a financial year a rebate application must be received in that year.
How to apply
- Please contact our Succession Planning expert Matthew Burke at EnVision Partners for a preliminary discussion regarding your Succession Planning needs.
- From our initial discussion, we will schedule a complimentary appointment to discuss in more detail your succession plan and provide a written proposal according to the most appropriate strategy concerning your primary production business.
- EnVision Partners will assist with the application form and quotation process to lodge your application with QRIDA.