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Welcome to Twomey Talk where you can take advantage of the specialist knowledge of our team & learn their thoughts on various issues that may
impact YOU!

INTEREST RELIEF OFFERED BY BANKS

Many of the banks have announced interest rate relief for farmers impacted by the drought. These include reducing variable interest rates, suspending loan repayments for a period of time, waiving fees associated with restructuring business loans, offering discounted loans, not applying penalty interest to overdue payments and allowing early withdrawal of Farm Management Deposits without penalty.

Contact your bank manager for more information.

CROP AND LIVESTOCK INSURANCE DUTY

From 1 January 2018 crop and livestock insurance (Type C general insurance) will be exempt from insurance duty. The only thing that has changed in relation to crop and livestock insurance is the rate of duty, which has gone from 2.5% to 0%. The definitions of crop and livestock insurance have not changed.

PRIMARY PRODUCER HEAVY VEHICLE

Primary Producers who register or renew their heavy vehicle (>4.5 tonnes) from 1 July 2018 up to 30 June 2020 will receive a rebate. The rebate covers some registration costs but does not include compulsory third party insurance, heavy vehicle inspection fees (if applicable), stamp duty (if applicable) and number plate fee (if applicable).

http://www.rms.nsw.gov.au/business-industry/heavy-vehicles/registration/drought-relief/pp-hv-refundsrebates.html

Primary producers may also be able to claim a refund on some past heavy vehicle registration charges paid from 1 July 2015 to 30 June 2018. Affected primary producers will be contacted by mail and notified of the process to claim their refund.

WAIVER OF CLASS 1 AGRICULTURAL

Class 1 agricultural vehicles that are registered for agricultural use are exempt from the next annual registration charge for registrations after 30 July 2018. A Drought Relief Declaration must be completed.

www.rms.nsw.gov.au/business-industry/heavy-vehicles/registration/drought-relief/class-1-agricultural.html

REBATE ON FIXED CHARGES FOR

A rebate of up to $4,000 per licence will apply to the fixed component of bills for general security licence holders (and supplementary water access licence holders) in rural and regional NSW across surface and ground water systems, and to customers of Irrigation Corporation Districts (ICDs) for water entitlement costs incurred. The waiver of fixed charges for water licences will be automatically applied to all eligible licence holders.

WAIVER OF NSW LOCAL LAND

All LLS rates, including General Rates and Rates for Animal Health and Pests, the Meat Industry Levy, and costs of Routine Stock Moving Permit and Stock Identification will be waived for 2019. The waiver of LLS rates will be automatically applied.

FARM DEBT MEDIATION

A structured negotiation process where an accredited, independent mediator helps farmers and their creditors to negotiate and reach agreements about farm business debt. Farmers can negotiate their farm business debt with their lender at any time and don't have to be in default or hardship. New farm debt mediation videos provide valuable information on the mediation process and aim to empower farmers to negotiate more effectively, in a fair and efficient way.

https://www.raa.nsw.gov.au/fdm

FARM BUSINESS SKILLS PROFESSIONAL

A subsidy of up to 50% of eligible costs for an approved course or activity, with a maximum reimbursement of $5,000 per farmer and $9,000 per farm business.

www.raa.nsw.gov.au/assistance/professionaldevelopment-program

ANIMAL WELFARE TRANSPORT SUBSIDY

A subsidy of up to 50% of eligible costs for the permanent transport of stock off a farm which is facing financial hardship and where livestock are at fat score 2 or below (dairy cattle 3 or below), to a maximum of $20,000 per financial year.

www.raa.nsw.gov.au/assistance/rebate-on-road-transport

FARM HOUSEHOLD ALLOWANCE (FHA)

Fortnightly income support for eligible farmers for up to four years, as well as planning and training for long term financial improvements, including: Income support allowance, dedicated case management to help develop a plan for the future and address challenges facing the business and household, up to $1,500 to carry out a financial assessment of the farm enterprise, up to $4,000 activity supplement to develop skills, access training and pay for advice, and ongoing support from the Rural Financial Counselling Service. Recent changes to the FHA include two lump sum supplementary payments of up to $12,000 per household and a temporary increase to the assets threshold to $5 million.

www.humanservices.gov.au/individuals/services/centrelink/farm-household-allowance