Kennas accountants and financial planners have been on the journey with Central Queensland's primary producers since the firm's earliest days 120 years ago. We understand that agribusiness takes determination, resilience and courage to stay the course, in good times and bad.
It's important to have financial know-how backing you up. We make it our business to stay right up to date with every available government grant and tax assistance program and compliance regime to help you make the most of every one that's appropriate to the circumstances of your agribusiness.
Government Grants - What's available to you?
You might be surprised to find out just how many different government grants and assistance programs are on offer. The Queensland Government's Grant Finder helps you work out the grants your business may be eligible for. The Federal Department of Agriculture lists a bewildering variety of programs, and even a quick Google search reveal extensive lists of grants, programs, insurances and assistance – checking out each one for suitability will keep you off the land for some time!
If you'd like us to shortcut the process for you, we'll let you know which grants are worth applying for in your situation and guide you through every step of the application, then back you up while you use and correctly acquit any funds received.
Keep in mind there's no guarantee a grant application will be successful. That's one reason the next type of assistance can be appealing…
The R&D Tax Incentive - Are you eligible?
Innovate, and you reduce your tax. That's the idea behind the Research and Development Tax Incentive (RDTI). It provides R&D tax offsets to encourage businesses to innovate and engage in R&D, including agribusinesses who meet the criteria and regulations. It is meant to encourage producers to undertake research and development that they might not otherwise attempt.
If eligibility is established from the outset, and accounting and processes are set up correctly, this incentive can help future-proof your farm and bring your innovative ideas to fruition.
But there are a few fences to scale and many gates to close – financially speaking. We want to help you undertake R&D correctly and avoid any unnecessary reviews, fees or even potential repayment of the benefit.
A little perspiration will be worth it
Remember Edison's words - 'Genius is 1% inspiration, 99% perspiration'. You've got the innovative ideas and you know that you're up for the 'perspiration factor' – and that's all good. Let us help you share the load and if you're eligible, apply for the grants and tax incentives. The effort can be well worth it.
There is other assistance available in certain circumstances for primary producers, such as tax offsets or deferrals. For example, our fact sheet 'Deferred Profits on Forced Disposal or Death of Livestock' may be critical information for you.
Call Kennas Rockhampton or Yeppoon office, or drop in an email and we'll make a time to catch up and have a chat about the ways we can help you.