On 1 July 2024 a new 10-year period for the Farm Household Allowance commenced. This Australian Government program provides assistance to commercial-scale farmers and their partners who are experiencing financial hardship for any reason. The allowance can be accessed for up to 4 years at any time over a 10-year period. The start of the new cycle means those who exhausted their 4 years in the previous cycle can now re-apply.
What is the Farm Household Allowance?
The farm household allowance is a government initiative designed to provide financial support to farming families who are experiencing financial hardship.
Income support: Fortnightly payments to help meet everyday living expenses, this support is provided for up to four years over a ten-year period (this doesn’t have to be consecutive years).
Farm financial assessment: Professional advice to understand the financial position of the farm business.
Activity supplements: Up to $10,000 for activities that enhance financial self-reliance such as training, business planning or professional advice.
Changes for Farm Household allowance:
The new 10-year period started on 1st July 2024, and some new changes have been put in place.
Income requirements have increased, you must now prove that your commercial business has a gross income of $60,000 per year and be able to show financial records for the previous three years.
It has been confirmed that the activity supplement is a lifetime amount, and farmers will not be able to reset this every 10 years.
Who is eligible for Farm Household Allowance?
Farmers and partners of farmers
Australian residents living in Australia
At least 16 years of age
Farmers experiencing financial hardship, which means your income and assets are not sufficient to meet your basic living needs
If you are experiencing a loss or are breaking even, consider applying for FHA.
Applicants must meet income and asset tests. These tests assess the financial situation of the farmer and their partner.
Benefits of the FHA:
Financial relief: Helps cover essential household expenses during tough times.
Professional advice: Access to improve the farm’s financial situation
Skill development: Opportunity to undertake training and activities to enhance skills and farm productivity.
Planning for the future: Encourage long-term planning and sustainability for the farm business.
The Rural Financial Counselling Service NSW offers free, confidential support to help you plan for the future. Accessing government assistance can sometimes feel overwhelming, but support is available to help you understand the process and discussing with your local RFC can a great first step. RFCS NSW is a not-for-profit organisation with a goal to strengthen communities by helping farmers be prepared, responsive and sustainable.
Call 1800 319 458 to contact your local Rural Financial Counsellor today.
The Rural Financial Counselling Service Program is funded by the Australian Government and the New South Wales Government and is administered by the Department of Agriculture, Fisheries and Forestry
