Farm Financial Assessment
An assessment of your, your partner’s and your farm’s financial position that forms part of your mutual obligations for Farm Household Allowance.
You are required to complete the Farm Financial Assessment within 28 days of being requested.
Preparing for a Farm Financial Assessment
If you need to complete a Farm Financial Assessment, we will send you a letter with all the information you need to complete the assessment. This will include a Farm Financial Assessment Supplement voucher and your One Time Access Code.
You need to meet with a qualified Prescribed Adviser to complete the assessment.
A Prescribed Adviser is someone who:
- has relevant financial qualifications
- belongs to a professional organisation that provides financial advice
- is not a family member
- does not have any kind of relationship with you that can compromise their ability to provide their services, and
- has internet access
Paying the Prescribed Adviser
The fee for your assessment is set by your Prescribed Adviser. You can get up to $1,500 under the Farm Financial Assessment Supplement to pay for this fee. Additional costs are not covered by this amount. You do not need to make a claim for the Farm Financial Assessment Supplement. A voucher for this will have been included in your letter.
Once you have completed your assessment, your Prescribed Adviser will issue you with an invoice for their services. The invoice should be made out to the Department of Human Services. You will need to complete Part A of the voucher and your Prescribed Adviser will need to complete Part B. You need to return your completed voucher and invoice or receipt of payment to us using one of the following:
- our secure Document Lodgement Service
- by fax to 1300 786 102
- by post to:
Department of Human Services
Rural and Climate Change Services
Reply Paid 7816
CANBERRA BC ACT 2610
- in person, at your nearest service centre
Read more about Prescribed Advisers and preparing for a Farm Financial Assessment on the Department of Agriculture and Water Resources website.
Our standard payment terms are 30 days from the date a correctly rendered tax invoice is received. For payment enquiries:
- call us on 1800 906 144
- select option 1
- then select option 3
- then select option 2
- then select option 3 for accounts payable
Before the assessment
- Register for a Centrelink online account if you don’t already have one.
- Log on to your online account through myGov.
- Select Menu.
- Expand Apply for a Payment or Concession Card and select Farm Financial Assessment. If you do not have internet access, you can complete the about you section with your advisor at your assessment. The Farm Household Allowance – Farm Financial Assessment form can be printed and completed, however the information will still need to be entered into the online form. To complete the about you section you will need to provide the following information:
- farm description
- property use
- conditions of assets
- labour input
- environmental factors, and
- farming future
- Set up an appointment with your Prescribed Adviser.
- Have the following information and documents ready for your appointment:
- a copy of your Farm Financial Assessment letter and voucher
- your Centrelink online account login details
- any current or recent business, agronomy or financial plans
- copies of your tax returns and financial statements from the last 3 years
- details of current income, including payments from us, income from off-farm employment or rental income
- any superannuation payments, annuities and other income
- details of assets and investments including bank and building society accounts, Farm Management Deposits, shares or managed investments
- details of any personal or business debts
- details of planned expenditure such as your children’s education and maintenance expenses, and
- copies of any additional financial information that you provided in support of your application for the Farm Household Allowance
The assessment process
During the assessment, the Prescribed Adviser will discuss the following with you:
- your personal financial position
- the financial position of your farm
- your place in the farm business
- the strengths and weaknesses of your farm
- the profitability of your farm business
- what factors are contributing to your financial hardship, and
- any suggestions to assist in the improvement of your financial security
You and your adviser will work through the relevant parts of the assessment together.
Once you have completed the about you section, you will need to complete the farm information section. The adviser will complete the majority of this section. You will need to provide them with your One Time Access Code that you will have received with your assessment letter. You will also need your customer reference number.
To complete the farm information section with your Prescribed Adviser:
- access the Farm Information portal
- enter your Customer Reference Number
- enter your One Time Access Code
- select continue, and
- complete the questions
You and your adviser will complete a detailed summary of your and your farm’s current financial position. This will enable the adviser to estimate your financial position over the next 3 years.
After you have completed this summary, the rest of this section will be completed by the adviser.
Once complete, the adviser will:
- make an assessment of your current financial position, based on the information provided
- complete a Strengths, Weaknesses, Opportunities and Threats evaluation of your overall financial position and summarise what factors are affecting it, then
- fill out a report of the potential position of your farm and offer their professional opinion of its long term viability
Your One Time Access Code can be used as many times as required until your adviser submits your assessment.
The Farm Financial Assessment Companion Guide is available on the Department of Agriculture and Water Resources website. This companion guide provides advice on all questions in the assessment and can be used as a reference by you and your Prescribed Adviser.
Minimum browser requirements
If you or your adviser encounters system difficulties when completing the assessment, you will need to check that your computer meets the minimum browser requirements for using your online account. If you keep having trouble while doing your assessment refer to Centrelink online accounts for assistance and troubleshooting.
After the assessment
You will be assigned a Farm Household Case Officer once you are eligible for Farm Household Allowance.
You will be required to develop a Financial Improvement Agreement with your case officer at a mutually agreed time.
The Financial Improvement Agreement will set out agreed activities that you will undertake while you are on payment in order to improve the financial position of your farm enterprise.