Careful estate planning is essential in securing the ongoing viability of primary production businesses from one generation to the next. In recognition of this, 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 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 applicants 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
- Funding is available until 30 June 2020 or until funds are utilised
A number of Roberts & Morrow farming clients have recently utilised this program to receive succession and estate planning advice subsidised by the RAA. If you are interested in obtaining estate planning advice please contact our Tax & Estate Planning Team and we can confirm your eligibility.