Helping Farmers: Seeking Assistance In Troubled Times
In spite of the way agriculture is crucial in Australia’s growing economy, farmers are still in much need of assistance to ensure that the future of farming, as well as their own enterprises, will be safeguarded.
With an ageing population coupled with the manner in which a large percentage of the younger generation no longer take up the mantle of their family farms, there’s a lack of support for innovations in the advancement of farming practices and equipment. The tendency is to think the future could be bleak for this industry.
However, that’s not the case at all, simply because the demand for food production continues to constantly rise year after year. It’s offering our farmers the best kind of support there is so that they themselves will profit, and farming practices can be advanced as well.
Types Of Farming Assistance
Drought And Rural Aid
The Government of Australia has allotted funding in the event that drought and similar climate hazards slow down, or even stop farming operations inadvertently. Weather elements and Australia’s largely dry seasons are uncontrollable variables in these scenarios and it is for this reason that such fundings exist.
What you can do is contact your local or rural financial counsellors for you to be able to avail of this relief that you are entitled to. You should take note that counselling itself shouldn’t cost you a cent.
Your family and your family farm are essential to the welfare of Australia’s economy, and to each of Australia households. Due to this, there are charities and associations that offer community support for when farming hardships strike.
Check your local area and research about which ones have been verified and are registered groups for you to seek support from them.
Taxation Deductions And Exemptions
Thirdly, farmers are eligible for certain tax deductions (and sometimes, exemptions). The Australian Taxation Office heads this initiative so you can follow updates regarding this, and which regions fall under said tax updates.
For instance, regional, continental, and worldwide catastrophes will merit you deductions for assets in your enterprise, write-offs, or turnover thresholds. An example of this is the COVID-19 pandemic.
Though most businesses in most industries felt the brunt of the impact of lockdown, quarantines, and an overall decline in consumer spending, farmers and their privately-owned farming enterprises were (and still are) greatly affected by this.
As a countermeasure, the government increased the business turnover threshold at least threefold. In doing so, smaller farms and businesses have been able to recuperate their cash flows even in the face of the aforementioned global adversity.
There are a number of tax updates you should regularly review, from penalty-waiving for accrued interests to incentives. So be sure to monitor them by visiting the Australian Taxation office’s main website, by contacting them directly, or by speaking to your financial advisor about these.
Last but not least, you have the option to apply for what’s called “financing”, or in short, farming loans. We’ll be tackling this in detail on a separate page. But the purpose of these farmer-tailored loans is that you’ll be able to go on with operations and have equipment and vehicles you need without ruining your capital or feeling the heavy load of purchasing them out your income.