Farming Businesses have always been at the fore in utilising available funding for farming strategies.
One such program is the Farm Innovation Fund to assist farmers to improve permanent farming infrastructure and sustainability on their properties. This fund has been running now for some time, and has become more prominent as the drought continues to bite with farmers across Australia.
There is a finite amount of funding for loans available, and those interested are urged to investigate this fund before it comes to an end. The funding is a loan to meet costs of carrying out capital works that will benefit your business with long term sustainability and profitability and there are two categories relating to drought and infrastructure.
- Interest free to cover 100% of costs for Transport of Stock, Fodder and Water, Water & Fodder Infrastructure and banking of Genetic material
- Maximum Amount $50K
- Interest Free
- 7-year loan term (repayment free for 2 years) * further conditions apply
Find out more by visiting: https://www.raa.nsw.gov.au/loans/drought-assistance-fund
- To meet the costs of carrying out permanent capital works for; Preparedness, Environmental, Farm Infrastructure, Natural Resources
- Maximum amount $250K Per Year
- 2.50% Fixed. Loan Term up to 20 years *Further conditions apply
Find out more by visiting: https://www.raa.nsw.gov.au/loans/farm-innovation-fund
There are a number of things that are not covered by these funds, and pays to dig a little deeper and further information relating to the Farm Innovation Fund can be found at https://www.raa.nsw.gov.au/loans/choose-the-right-loan
There is also funding guidelines for Natural Disaster Loans for Not for Profit Organisations and Sporting and Recreational Clubs.
There have also been changes to the instant asset write-off.
The instant asset write-off threshold has increased to $30,000 for each asset from 2 April 2019 and this has been extended to 30 June 2020. However, if the asset was first used or installed ready for use from 29 January 2019 until 7.30pm (AEDT) 2 April 2019, you can still immediately deduct the business portion of most assets costing less than $25,000 each. Before 29 January 2019, the relevant threshold is $20,000.
For more information you can access https://www.ato.gov.au/business/small-business-entity-concessions/what-s-new-for-small-business/
Some other programs that might be of interest to you are:
- Dairy Support Package
- Farm Household Allowance
- Farm Management Deposits (FMD)
- Taxation measures
- Rural Financial Counselling Service (RFCS)
- Farm Business Concessional Loans Scheme
- Drought Assistance Concessional Loans
- Drought Communities Programme
- Managing Farm Risk Programme
- Enhanced Social Support
- Pest and Weed Management
As we said last year, social media has become a mainstay for farmers dealing with tough times. Our favourite pages for assisting farming families and members in connecting and sharing experiences are; “One day Closer to Rain. (Drought)” and “Thank a Farmer For Your Next Meal” which have provided a lot of comfort to those struggling through the same issues, and highlighting the situation our farmers face every day to the metropolitan areas.
And don’t forget there is always someone to talk too- always.
- Beyondblue Support Service– 1300 224 636
- Carer Line – 1800 242 636
- Kids Helpline – 1800 551 800
- Lifeline – 13 11 14
- Mensline – 1300 789 978
- Mental Health Line – 1800 011 511
- Parentline – 1300 1300 52 (NSW)
- Suicide Call Back Service – 1300 659 467
- 1800 RESPECT – 1800 737 732
If you have found an article, program or website that you would like us to share. Please send it to email@example.com or Freecall 1800 046 046 anytime.