Financial Assistance
The Commonwealth Government has made provision through the Farm Family Restart Scheme for support to farmers who are experiencing financial hardship.The scheme is implemented through Centrelink and provides income support to low income families who cannot borrow further against their assets. Up to $500 per fortnight is provided for a maximum of 12 months as well as payment of up to $3,000 over one year for professional advice on the viability of their business and future options if they decide to leave the industry.
To qualify for assistance farmers need to provide tax returns showing their low income and a letter from a financial institute indicating their unavailability of credit.
One of the requirements of the scheme is to seek professional advice on the viability of the business. This can be obtained from a number of different sources including agricultural consultants, accountants, financial planners, lawyers and psychologists. This advice can be ongoing over 12 months to assist farmers to put into place an action plan for the future.
For any details on this scheme contact Centrelink on 5564 9154 or 13 24 68.
Click here to view the rest of the 1998 December newsletter.