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Cane growers mull over succession
26 May 2004
Succession planning is now a critical factor for Queensland's 6,500 sugar-cane farmers. Under the $444 million Federal Government package announced on April 29, farmers will only be eligible for assistance if they complete business plans.
The Australian Cane Growers' Council said every grower must now decide whether he's going to invest further in the industry or exit. In the meantime, welfare payments will continue until March 2005 for those who need them.
CentreLink's web site lists grants available to canegrowers and harvesters. Those receiving income-support payments will get $2,500 for business planning assistance, and $1,500 if not receiving income-support payments. Restructuring grants, re-establishment grants and retraining assistance are available for growers, and re-establishment grants for cane harvesters.
Legislation will also be introduced to facilitate intergenerational transfer. Canegrowers or their partners can apply, but retiring farmers must have owned the property for at least 15 years or been actively involved in farming for 20 years. Three years will be provided to divest the cane farm to the next generation exempt from the normal gifting provisions. The net value of the farm enterprise must be no more than $500,000, and income-test provisions will apply.
Australian Financial Review, 25/5/04.
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