Drought Transport Subsidy off-farm asset threshold relaxed
5 October 2018
The NSW Government has announced a relaxation of the off-farm asset test for farmers to access the Drought Transport Subsidies and the Drought Assistance Fund. Criteria for ‘new entrants’ has also been included to recognise and support people who are new to farming and who would benefit from accessing drought support measures while building their farm business.
The current off-farm asset threshold has been increased from $1 million to $5 million, meaning more farmers are eligible to access a range of support measures.
A transport subsidy of up to 50% of the total freight cost, up to a limit of $20,000 per year or $30,000 in total, is available to eligible farmers to assist with transporting of stock to/from agistment and to sale or slaughter or to transport fodder and drinking water.
Minister for Primary Industries, Niall Blair said the NSW Government would continue to assess its drought relief measures to make sure farmers were receiving the best possible support.
“The relaxation of the required criteria acknowledges the efforts of some farmers to diversify their asset base from farming but who nevertheless require more immediate help,” Mr Blair said.
“These changes will also help our next generation of farmers who are unable to meet the 50 per cent gross on-farm income criteria due to only being in the industry for a relatively short time.”
Mr Blair said farmers can also now go to their closest Local Land Services (LLS) office, some Department of Primary Industries (DPI) research stations and 37 Service NSW offices for assistance with completing and submitting drought transport subsidy applications.
“This will speed up the processing timeframes, ensuring farmers get their subsidy payments as quickly as possible,” Mr Blair said.
Click here to view the updated Transport Subsidy Emergency Drought Relief guidelines or for more information visit www.droughthub.nsw.gov.au or speak to your local Boyce accountant.
Sourced from theland.com.au & dpi.nsw.gov.au