The Queensland Government has introduced a new Farm Management Grants Scheme which provides a rebate of up to 50% to primary producers to seek legal advice in relation to intergenerational succession planning for their farming business within their lifetime.
If you are a primary producer and you intend on transferring or selling your farming business to a member of your family within your lifetime, you may be eligible to a rebate of up to 50% of your legal costs for planning the succession. The grant will be available for advice received from now up until 30 June 2019. You may apply for the grant before or after you seek the advice.
Succession planning is essential to ensure a smooth and successful transition of your business when you decide to retire or if you unexpectedly are no longer able to work. Seeking legal advice now is a good way to avoid family tension and stress and to ensure that the family business continues into the future. We recommend obtaining advice early on to avoid the undesirable situation of your family being conflicted in trying to make arrangements after you have lost capacity.
We can assist you to:
- make a decision as to which member of your family will take on the business, or the arrangement if more than one member will be transferred an interest in the business;
- how the business and assets will be transferred and how the agreement will be structured; and
- what structure will be most appropriate for the acquisition of the business by your nominated successor.
If you would like more information on succession planning for your business or the current government rebate please contact our office.
