Drought Recovery Funding Takes Effect
13 August 2020
The NSW Government's $310 million drought package has officially kicked off and aims to deliver additional assistance to farmers still battling drought and to accelerate the recovery for those experiencing a reprieve in conditions.
Agricultural Minister, Adam Marshall said they had made a number of adjustments to the new package to ensure it reflected the evolving needs of farmers, particularly as some parts of the state enter drought recovery.
The new package includes:
- $116 million to continue the Drought Transport Subsidy through the calendar year (pro rata cap of $25,000 per primary producer);
- $99 million in cost of living pressure relief, including Local Lands Services rates, vehicle registration waivers etc.;
- $28.5 million to continue water licence fee waivers for stock, domestic, general and high security water users;
- Continuation of health and well-being programs (Farmgate Counsellors, Royal Flying Doctors Far West drought support programs).
What it means for you
Drought Assistance Fund – the cap has been lifted and now primary producers can obtain up to $100,000 via an interest free loan to implement systems and management practices to enhance the sustainability of their operations. Among other things, it can include transport of stock, fodder and water, cost of restocking as well as the installation of on-farm fodder and water infrastructure. The loan is for 7 years with no repayments required in the first 2 years. For more information on eligibility or to apply online, click here.
Emergency Drought Transport Subsidy – a round two second release and round three has been announced. For the second round, whilst this does not mean you can submit new applications, if you’ve already sent in (prior to 30 June 2020) your application, you now have until the 30 September 2020 to submit invoices dated between 1 July 2019 and 30 June 2020. For the third round, this is open to new applications for expenses incurred between 1 July 2020 and 31 December 2020 and is limited to a $25,000 cap and will cease once funds are exhausted.
This subsidy can be applied to the cost of transporting fodder and water for stock or domestic use, stock to and from agistments, to sale or slaughter. Also note, from 1 July 2019, the was expanded to include transporting chemical, fertiliser and seed to farms.
For more information regarding each ‘round’ of this subsidy or to claim additional invoices, click here.
If you require more information on the funding available, please contact your local Boyce accountant.
Sourced from theland.com