Home News Cutting the cost of succession planning for farmers

Cutting the cost of succession planning for farmers

BMO Business Centre has welcomed the recently released QRAA Farm Management Grants. The grants are now available as part of an incentive for Queensland’s farming families to seek professional advice on succession planning.

Primary producers and their relatives can apply for a rebate of up to 50 per cent of the amount paid for professional advice associated with family farm transfers provided on or after 23 March 2017.

BMO Business Centre Partner Kelvin Tyler said it was a big boost for many farming families in our region.

“Succession planning is about transitioning your business to the next generation or to new owners and developing your plan for exiting the business in a way that suits you. It’s never too early to start succession planning. And as the old proverb goes, the best time to plant a tree was 20 years ago. The second best time is NOW.

“This grant will hopefully give some families the boost they need to start the ball rolling, talking to their family and starting the process,” Mr Tyler said.

The scheme is set to run for three years and applicants can receive a maximum rebate of $2,500 per year. Eligible advice includes that provided by accountants, financial planners and solicitors.

Mr Tyler said that eligible advice under the grant includes that provided by BMO.

“We’ve worked with many farming families to help with all the intricate details involved in planning and implementing a successful succession plan. Following our program, planning, set-up, taxation and financial planning advice and facilitation are all offered for our clients. We’ve also had the pleasure of being able to work with many families that aren’t current clients and there is never an obligation for them to move their books over to us.

“The whole succession planning process can take months, sometimes years and can change as circumstances change, so the fact that this grant is not just a one-off and is open until June 2019, means primary producers and their relatives involved in the process can apply for the rebate once per financial year. We can even help you complete the paperwork for the grant,” Mr Tyler said.

Find out more about the QRAA Farm Management Grants on their website www.qraa.qld.gov.au

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