End of Financial Year
Four Things to Know from QRAA
With the End of Financial Year (EOFY) fast approaching, QRAA would like to share four key things that might be of value to rural businesses before 30 June 2017.
#1 Extra drought money
Drought-affected primary producers in Queensland can take advantage of an additional $15 million in financial assistance from the Commonwealth Government to help them recover, restructure, and revitalise their business.
The Drought Assistance Concessional Loans program provides up to $1 million to refinance existing debt, provide cash flow for carry-on costs, restock and replanting when conditions improve or investing in future preparedness measures.
#2 Farm succession grants
These grants can help producers and their relatives offset the costs of succession planning, with rebates of up to $2,500 each year for professional advice related to family farm transfers. Eligible advice includes that received from solicitors, accountants, financial advisors and succession planners.
To take full advantage of the scheme and receive a grant in 2016-17, producers are urged to apply as soon as possible. A pre-approval process is in place to encourage families to start the succession conversation right now. The application itself is a quick, easy process that can be completed via our new online application portal, or submitted via email.
#3 Debbie disaster assistance
Recovery grants up to $25,000 and concessional loans up to $250,000 are now available for eligible primary producers, small businesses and non-profit organisations impacted by Severe Tropical Cyclone Debbie and associated flooding. Affected businesses can now submit their recovery application and documentation directly online via the QRAA website. The grants are available until 13 October 2017.
#4 New name and functions for QRAA
From 1 July 201,7 in addition to its financial assistance, QRAA will have expanded responsibilities including hosting Queensland’s new compulsory farm debt mediation scheme, a new broader industry focus and name as the Queensland Rural and Industry Development Authority (QRIDA).