Succession and Estate Planning Grants for Farming Families
The NSW Rural Assistance Authority (RAA) is currently providing funding for farming families to receive retirement, succession and estate planning advice.
The key details of the Farm Business Skills Professional Development Program are as follows:
- Each eligible participant will be reimbursed for up to 50% of the GST exclusive cost of the advice;
- The reimbursement is capped at $5,000 for the first applicant and $1,000 each for up to four additional applicants in respect of the one farming business (for example, four applicants consisting of father, mother, son & daughter-in-law could access up to $8,000 of funding);
- Eligible participants include anyone involved in the management of a primary production enterprise who receives at least 51% of their income from primary production.
We note that funding is currently available until 30 June 2020 or until funds are utilised. This is the most generous grant we have seen in our decades of providing legal advice to farming families.
If you have clients that are, or should be, considering planning their retirement or the succession of their farm, we encourage you to tell your clients about this NSW Government grant and the fact that it will only be available until mid-next year. They should act sooner rather than later to ensure that any eligible advice or legal work is completed by that date.
Please contact Matt Dombrovski of our office on 02 6933 6900 for further information.