Drought Relief Funding (September 2018)

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The Commonwealth and State Government have implemented new drought support measures to offset financial difficulties as drought conditions have intensified and expanded. The following is a list of the main support measures currently available to drought affected producers. This list is current as at August 2018, however can change rapidly as environmental conditions change. A full list of support measures plus a comprehensive list of contact details can be found at: https://www.graingrowers.com.au/drought-information-kit/ Rural Assistance Authority

Drought Assistance Fund

  • $50,000 one-off payment

  • 7 year interest free term

  • No repayments for 2 years

  • Cannot have more than $1 million in off farm assets

  • For drought associated expenses and mitigation, or increase in sustainability

  • Need to apply before commencement of activity

Farm Innovation Fund

  • $250,000 per project

  • Limit of $500,000 outstanding at any one time and one application per year

  • 20 year term with an interest rate of 2.5% pa

  • Security- Statutory Charge and registered caveat over the property

  • Cannot have more than $5 million in off-farm assets

  • Used for capital works only

  • Interest charges for current FIF loans have been waived for the 2017/18 and 2018/19 financial years

Transport Subsidies

  • Up to $20,000 per year

  • Covers transport of livestock and fodder from 1/1/2018 to 30/6/2019

  • Covers 50% of the cost up to a maximum of $5/km

Waiver of oversize Class 1 agricultural registration fees for 2019

Waiver of LLS rates for 2019

Farm Business skills professional development program reimbursement

Regional Investment Corporation

Drought Loan

  • Up to $2 million

  • 10 year term with a variable interest rate currently at 3.58% pa with a negotiated balloon

  • First 5 years interest only, years 6-10 interest and principal

  • Bank needs to agree to refinance residual principal

  • Used for drought mitigation and recovery including working capital

Farm Household Allowance

  • Two $6,000 lump sum payments per year in addition to fortnightly payments

  • Up to four consecutive years

  • $5 million assets threshold

  • Allowance to cover household bills and support to increase financial viability through training and financial assessments

ATO

  • Instant depreciation initiative

  • Instant write-off on new fodder storage infrastructure for livestock producers

  • Includes hay/grainsheds and silos

Farm ManagementLiz Kelleher