The Government recently announced the introduction of a Managing Farm Risk Program (MFRP).
The announcement advised that the MFRP will provide a dollar-for-dollar rebate for costs sustained by farm businesses to secure (or attempt to secure) agricultural insurance.
Specifically, the MFRP 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.
The rebate is a once-off, is limited to up to $2,500 per eligible farm business and conditions will apply. It is important to note that the rebates are not available for insurance policy premiums.
Rebate applications can be made for costs sustained from 1 July 2015.
For further information regarding the rebate, click here.
In a statement to the media, Minister for Agriculture, Barnaby Joyce said by encouraging farmers to prepare their business for adverse conditions through the use of insurance, the Government aims to help build the resilience of the agricultural sector against drought.
What do you need to do?
If you are an eligible farm business, you can now apply for the rebate, however you need to ensure your eligibility before sustaining any costs you wish to claim on the MFRP.
You also need to ensure that the activities you are claiming are eligible and that you choose a suitably qualified service provider to undertake the eligible activities.
We can help you with understanding the guidelines of the MFRP and your eligibility. We can also assist with the preparation of your rebate application.