Succession planning grants now available for Queensland producers

Queensland producers now have access to grants of up to $2500 to help tackle family business and succession planning thanks to the Queensland Government.

Minister for Agriculture and Fisheries and Minister for Rural Economic Development Bill Byrne said the Farm Management Grants would help producers’ access professional advice on these important matters.

“We know our producers are doing it tough with the continuing drought and we want to help them plan and succeed for future generations,” Mr Byrne said.

“With the Farm Management Grants, producers seeking professional advice in relation to succession planning, or a family member wanting to acquire an interest in the family business, can apply for a rebate of up to 50% of fees paid for the advice, with a maximum of $2500 per applicant, per financial year.

“Advice must come from a suitably qualified professional adviser such as an accountant, financial planner or solicitor.”

Eligible applicants who received eligible professional advice can apply for a rebate on fees paid for the service through www.qraa.qld.gov.au.

The Queensland Government is providing up to $1 million per year over three years for the Farm Management Grants. These grants form part of the Queensland Government’s Rural Assistance Package targeting the issues of rural debt, business risk and succession.

“A key element of the package is building capacity, and that’s why we’ve already announced the removal of transfer duty on all familial farm transfers,” Mr Byrne said.

“This brought Queensland into line with other States and Territories and will make it easier for the next generation to take on the family business.

“We want to ensure the continued future of our agriculture sector and are doing all we can to assist Queensland producers to manage and succeed into the future.”

For further information on the Farm Management Grants including criteria visit www.qraa.qld.gov.au or freecall 1800 623 946.

Media: 0417 768 626

ENDS