The Queensland Government has announced new grants to provide financial support to assist Queensland primary producer or their relatives to obtain succession planning. .
Hardworking Queenslanders deserve to be able to retire comfortably, and a good succession plan will allow them to do just that while keeping the next generation on the land.
However, the best pro-active advice comes at some cost. Professional fees for accountants, lawyers and valuers are an investment in your family’s future to secure your legacy through a tax effective succession plan.
The Queensland Rural Adjustment Authority (QRAA) are offering $2500 succession planning grants as part of their allocated $3m funding, which will help secure the future of the rural sector.
Producers and their relatives can apply for a rebate of up to 50% of the cost of eligible professional advice and claim a grant of up to $2,500. The grant application itself is a quick and easy process that can be submitted through QRAA’s new online application portal, through the post or via email.
To be eligible for the grant, you need to demonstrate that:
- You are (or are a relative of) a primary producer
- You have paid for, or will pay for, eligible professional advice, which must be about transferring an interest in the primary production enterprise to a relative
- The eligible professional advice was (or will be) provided on or after 23 March 2017 by a suitably qualified professional adviser who is – (i) not related to the applicant; and (ii) not employed by an entity owned or partially owned by the applicant.
As evidence, you would need to provide a copy of an invoice and receipt with the application form when submitting it.
For more information on how to take advantage of this grant, please contact your usual Hanrick Curran advisor or alternatively, call one of our agribusiness specialist advisers, John Kotzur, Kim Hanrick, or Scott Hutton on 07 3218 3900.
Please note that this publication is intended to provide a general summary and should not be relied upon as a substitute for personal advice.