Queensland beef families lead the way on farm succession rebates
Published Wednesday, 09 May, 2018 at 03:09 PM
Minister for Agricultural Industry Development and Fisheries
The Honourable Mark Furner
Queensland beef producers and their family members have led the way in taking up rebates for farm succession planning advice.
Speaking from Beef Australia 2018 in Rockhampton, Minister for Agricultural Industry Development and Fisheries Mark Furner said more than $800,000 in rebates had been allocated in the first 12 months of the Palaszczuk Government’s Farm Management Grants program
“This wonderful program has proven to be a roaring success for those that have chosen to use it,” Mr Furner said.
“The figures show that the Farm Management Grants of up to $2,500 per financial year are helping producers and family members with the cost of professional succession advice.
“Primary producers from across the state and all key rural industries including beef (242 approvals for $409,000), cropping (88 approvals for $148,000) and sugar cane (69 approvals for $122,000) have taken advantage of the rebate.”
Mr Furner said applications to date show accountants (44 percent), followed by lawyers (21 percent) and business advisors (19 percent) have been the main sources of professional succession planning advice claimed by producers.
“The Palaszczuk Government has provided funding of up to $3 million over 3 years to June 2019 for Farm Management Grants as part of the Rural Assistance Package announced in 2016, targeting rural debt, business risk and succession.
“The Rural Assistance Package also included the removal of stamp duty on family farm transfers and increasing the limit of First Start loans to $2 million, making it easier for the next generation to take on the family business,” Mr Furner said.
The Queensland Rural and Industry Development Authority (QRIDA) is administering the Farm Management Grants that can be applied for online at www.qrida.qld.gov.au
QRIDA Chief Executive Officer, Cameron MacMillan said the average age of the primary producer parents accessing the rebate to date has been 63 years and the average age of the family members has been 42 years.
“This data shows that Queensland farming families are tackling succession planning about the right time to allow the next generation the best opportunity to get into the business sooner,” Mr MacMillan said.
“With the end of the current financial year fast approaching I urge more Queensland farming families to take advantage of the rebates.”
For further information on Farm Management Grants visit the QRIDA stand at the Sidney Kidman Pavilion during Beef Australia 2018 (6-12 May) or visit www.qrida.qld.gov.au or freecall 1800 623 946
Minister’s office contact – Brock Taylor 0427 018 178
QRIDA contact - Brendan Egan 0428 909 246