Budget 2017 : Farmers

Farm Business Concessional Loans Scheme extended

Eligibility to the Farm Business Concessional Loans Scheme will be extended to assist farmers and their partners who have received their full entitlement for the Farm Household Allowance (FHA) and who are not in receipt of any other form of Commonwealth income support.

Former FHA recipients will be eligible for loans of up to 50% of their current debt position to a maximum of $1 million for debt refinancing purposes only. Loan applications will be accepted on the basis of all existing eligibility criteria with the exception of the requirement to be in a rain deficient area.

Agricultural levy changes

A series of levy changes to agricultural levies and export charges. These are:

ItemComponentLevyDate of effect
Bananas levyPlant Health Australia componentIncreased by $0.04897 per kg to $0.05 cents per kg1 April 2017
Marketing componentIncreased to $0.15 per kg1 April 2017
AvocadosPlant Health Australia componentLevy of $0.01 per kg introduced1 April 2017
Reduction of $0.01 per kg in the avocado R&D levy rate to 2.9 cents per kilogram.1 April 2017
Seed cottonR&D levy$3.99 per tonne levy introduced1 April 2017
Plant Health Australia component$0.07 per tonne levy introduced1 April 2017
Tea Tree OilR&D levy$0.25 per kg levy introduced1 July 2017
ThoroughbredsR&D levy$10 per mare covered (paid by stallion owner) or returned (paid by the broodmare owner) per season1 July 2017
Laying chickensEmergency Animal Disease ResponseReduced from $0.014 per one day old chick to zero1 July 2017

SOURCE: Knowledge Shop

To discuss how this may impact your circumstances please contact PPT on (03) 5331 3711.

DISCLAIMER: The material and contents provided in this publication are informative in nature only.  It is not intended to be advice and you should not act specifically on the basis of this information alone.  If expert assistance is required, professional advice should be obtained.