FARM ASSISTANCE PACKAGES

On February the 26^th 2014 the Federal government announced packages offering financial, social and mental health support to farmers, agricultural and rural communities suffering from drought through a declaration of a natural disaster.

The purpose of this declaration was support for farm families and businesses in managing and recovering from periods of hardship having experienced unusual rain events, cyclones and drought over the past couple of years. Currently Queensland is in the grip of drought with an El Niño event forecast for 2014. There is funding assistance available from two avenues:

1.       The Queensland state government.

2.       The Federal government.

QUEENSLAND STATE GOVERNMENT

Under the Queensland government Drought Relief Assistance Scheme (DRAS) the following is available.

There is a maximum of $20,000 per property per financial year available unless a Drought Management Plan is completed where up to $30,000 is available.

If you are applying for emergency water infrastructure, you need to complete a water availability statement this can allow for the purchase and installation of:

• Pipes, tanks, troughs.
• Bores and pumps.
• Items necessary to install the above and installation cost by professionals and including freight.

The rebate on these items is up to 50% but it counts in the $20k PA available in the DRAS scheme. Larger projects may be eligible for a further $30k of Federal funding.

The Drought Relief Assistance Scheme (DRAS) also provides freight subsidies:

• Transport fodder and water during the drought.
• Transport of animals returning from adjustment.
• Animals purchased for restocking after the drought.

For grazing industries the DRAS will now provide a rebate on water infrastructure purchase for emergency animal welfare needs.

FEDERAL GOVERNMENT

Drought Concessional Loans Scheme:

The Australian government is offering up to $280 million in concessional loans there are two components to the drought concessional loans:

•  Debt Restructuring;

a.       applicants can use concessional loan to restructure a proportion of their existing eligible depth at a lower interest rate.

• Finance the drought recovery with loan funds available to finance operating expenses and all recovery costs.
• Loans of up to $1 million or 50% of the farm businesses debt, whichever is lower will be available.

Additional Funding for Water Related Infrastructure Rebates:

• Drought affected farmers in Queensland and New South Wales will benefit from additional funding for water related infrastructure rebates.

CONTACT DETAILS:  QUEENSLAND & Federal: (07) 4665 6677