All funding allocated for the 2007/08 year has now been committed and the program is closed for the time being.
A further round of funding will commence mid 2008 and the following information can be used as a guide for the 2008/09 program.
The Scheme
The Tasmanian Government's Young Farmers Interest Rebate Scheme is part of the Sustainable Management of Agricultural Resources in Tasmania (SMART) farming initiative. The scheme is an interest rebate on commercial loans to assist capable young farmers (generally under 40 years of age and who meet the eligibility requirements), to enter the industry, expand an existing enterprise, or improve productivity.
The scheme is an interest rebate on commercial loans to assist capable young farmers (generally under 40 years of age and who meet the eligibility requirements), to enter the industry, expand an existing enterprise, or improve productivity.
Applicants must:
- be Tasmanian permanent residents (or intend to permanently reside in Tasmania), generally under 40 years of age and can demonstrate
a) skill and ability in farming
b) suitable experience and training in the type of farming to be pursued
c) ability to manage financial affairs
- be personally involved in the day to day running of the farming enterprise, and able to contribute more than 50 per cent of their time to the business
- be able to demonstrate viability of the business in the short to medium term
- enter into the commercial transaction in his/her own name or be either
a) the major shareholder of a company; or
b) the beneficiary of a trust, that is entering into the commercial transaction.
Rebate details
Successful applicants will receive a rebate on their commercial loan in the first year of up to three per cent of the amount borrowed, to a maximum of $30 000. In the second year, they will receive up to three per cent of the debt outstanding on the first anniversary of the loan being advanced, to a maximum of $30 000.
Claims in the first year will be paid in arrears following the full drawdown of the loan facility. Evidence of the amount of interest paid during the claim period must be provided together with a Tax Invoice for the amount of the claim including GST.
In the second year, in addition to the information required in year one, evidence of the amount of loan outstanding at the anniversary date of the first claim is required. The rebate can be claimed a maximum of once per quarter but must be claimed at least annually and is to be paid directly to the borrower's bank account.
