If you are a Queensland producer the Queensland Government is now offering grants of up to $2500 to help meet the costs associated with family business and succession planning.
The Farm Management Grants provide producers seeking professional advice in relation to succession planning, or a family member wanting to acquire an interest in the family business, with the ability to seek a rebate of up to 50% of fees paid for the advice, to a maximum of $2500 per applicant, per financial year.
Advice must come from a suitably qualified professional adviser such as an accountant, financial planner or solicitor.
Eligible applicants who receive eligible professional advice can apply for a rebate on fees paid for the service through www.qraa.qld.gov.au.
For further information on the Farm Management Grants including criteria visit www.qraa.qld.gov.au or freecall 1800 623 946.
Please contact our Tax, Structures and Planning team if you have succession planning questions.