The Managing Farm Risk Program provides rebates for advice and assessments to help farmers prepare and apply for a new insurance policy that assists with the management of drought and other production and market risks.
These one-off rebates will be for half of the costs incurred by eligible farm businesses, up to a maximum of $2500 (GST exclusive).
The Managing Farm Risk Programe is part of the Australian Government’s Agricultural Competitiveness White Paper, the government’s plan to grow our agriculture sector for stronger farmers and a stronger economy.
One rebate per eligible farm business is available under the Managing Farm Risk Program. An eligible farm business is one that meets all of the following criteria:
- operates as a sole trader, trust, partnership or private company
- under normal circumstances, has at least one member who derives at least 50 per cent of his or her income from the farm business
- is involved within the agricultural, horticultural, pastoral, apicultural or aquacultural industries
- is wholly located in Australia
- is registered for tax purposes in Australia with an Australian Business Number (ABN) and is registered for GST
- is not a public company under the meaning of the Corporations Act 2001(Cth);
- for the previous financial year, had total cash receipts (see glossary) of less than $2 million
- has a written offer or refusal from an insurance provider for a new insurance product that assists with the management of production risks
- has not previously applied for and been paid a rebate under the programme