Agriculture is a central pillar of the Victorian economy, with state government figures showing $11.6 billion of farming commodities were produced in 2012-13.
The Victorian government is keen to support businesses in the sector and offers a variety of grants to farmers in an effort to help them sustain and grow their operations. A Geelong accountant can assist you with the finer details of farming grants in Victoria, including the tax implications. Nevertheless, here's a brief summary of available grants.
Young Farmers Scholarship Program
Farmers aged 35 or under may be eligible for a scholarship worth a maximum of $10,000, with up to $5,000 for study-based activities and up to $5,000 for on-farm or professional development.
In January, the Victorian government announced the names of 12 farmers who would receive scholarships to help study topics on farming, risk management, business and financial literacy, and product development.
"Attracting the next generation of farmers to a life on the land is crucial to meet the growing demand for high quality, safe produce and improve access to key markets, such as Asia and the Middle East," said the state's Agriculture Minister Jaala Pulford.
— Vic Government News (@VicGovtNews) January 11, 2017
RIRDC Rural Women's Award
The Rural Industries Research and Development Corporation provides a $10,000 bursary for leadership development to finalists of its Rural Women's Award.
Females working in agriculture are chosen on their future potential to improve the industry, their community leadership and skill-sharing capabilities, and their ability to demonstrate a commitment to primary industry sustainability.
In addition to the $10,000 bursary, finalists also get the chance to take the Australian Institute of Company Directors Course.
Wine Growth Fund
The Wine Growth Fund, as the name suggests, is a grant program designed to support the Victorian wine industry's expansion and innovation. The initiative forms part of a wider $1 million state government commitment to the sector.
The Victorian government provides horticultural grants of up to $50,000 – excluding GST – for applied research and development projects.
Individual businesses can access up to $20,000 for projects, while collaborative schemes involving more than one organisation may apply for funding of up to $50,000.
However, the money is only available on a like-for-like basis, meaning businesses must secure third-party funding equal to any amount they receive from the grant.
Horticulture Innovation Fund
The Victorian government provides horticultural grants of up to $50,000 – excluding GST – for applied research and development projects with a focus on supporting partnerships between industry and research organisations.
The money is aimed at developing new techniques and technologies that will ensure the horticulture sector remains innovative and collaborative in the future.
Would you like to know more about how Victoria's farming grants could affect your budget and accounting? Please contact us today.