An assessment of your farm’s financial position. This is one of your mutual obligations for Farm Household Allowance.
After you claim
After you claim, we’ll assign you a Farm Household Case Officer. Your case officer will talk to you about the Farm Financial Assessment.
You have 28 days from the date of our request to complete a Farm Financial Assessment. Talk to your case officer as soon as possible if you need more time.
About the assessment
If you need to complete a Farm Financial Assessment, we'll send you a letter. It will include all of the following:
- the information you need to complete the assessment
- a Farm Financial Assessment Supplement voucher
- your One Time Access Code.
You need to meet with a qualified prescribed adviser to complete the assessment.
This type of adviser is someone who meets all of the following:
- has relevant financial qualifications
- belongs to a professional organisation that provides financial advice
- is not a family member
- doesn't have a conflict of interest if they provide services to you
- has internet access.
Many farmers use their accountant for this service. Whoever you choose, first ask them if they would qualify to be a prescribed adviser.
You'll need to pay a fee to the adviser who completes your assessment. They set the fee for your assessment.
Farm Financial Assessment Supplement voucher
Use the Farm Financial Assessment Supplement voucher we sent in your letter to help you pay this fee. You can use this voucher to pay up to $1,500 for the assessment. You can’t use the voucher to cover additional costs. There are 2 parts of the voucher you’ll need to complete. You’ll need to complete Part A and your adviser will need to complete Part B.
If the voucher doesn’t cover the full fee, you’ll need to pay the rest.
Before the assessment
You should do a few things before your assessment.
Complete the about you section
The first thing you should do is complete the about you section of the assessment form. It’s best to do this online.
You’ll need to provide all of the following details:
- farm description
- property use
- condition of your assets
- labour input
- environmental factors
- farming future.
To complete the about you section online:
- sign in to your online account through myGov – if you don’t have one you’ll need to create one
- select Centrelink
- select MENU
- expand Apply for a Payment or Concession Card and select Farm Financial Assessment.
If you need help with your Centrelink online account use our online help guides.
If you don’t have internet access
If you can’t complete the about you section online, you can print the assessment form. This form is just for the about you section of the assessment. Fill it in and take it to your adviser. Don’t send it to us. They’ll use the information to complete the full Farm Financial Assessment online. They’ll talk to you about their assessment of your financial position before sending the information to us.
Set up an appointment
Once you’ve completed the about you section of the form, you should set up an appointment with your adviser.
Get your documents ready
You’ll need to take some documents and details with you to your appointment. Get all of the following ready to take:
- a copy of your Farm Financial Assessment letter and voucher
- your myGov details
- any current or recent plans, for example business, agronomy or financial
- copies of your tax returns and financial statements from the past 3 years
- any superannuation payments, annuities and other income
- copies of financial details you provided for your application for Farm Household Allowance.
You’ll also need details of all the following:
- any personal or business debts
- planned expenses such as your children’s education and maintenance expenses
- current income, including payments from us, income from off-farm employment, or rental income
- assets and investments.
Assets and investments can include any of these:
- bank and building society accounts
- farm management deposits
- shares, including any shares your farm enterprise must hold
- managed investments.
At the assessment
During the assessment, you and your adviser will work through the relevant parts of the assessment together.
About you section
If you couldn’t complete this section online your adviser will help you complete the about you section. Your adviser will discuss all of these:
- your and your partner’s 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 causing you financial hardship
- any suggestions that may help improve your financial position.
Farm information section
You and your adviser will complete the farm information section. Your adviser will complete most of this section. To do this you’ll need to give them both of the following:
- the One Time Access Code we sent you with your assessment letter
- your Customer Reference Number.
You can use your One Time Access Code as many times as needed, until your adviser submits your assessment.
Your adviser will complete the following steps:
- Access the Farm Financial Assessment portal.
- Enter your Customer Reference Number.
- Enter your One Time Access Code.
- Select Log In.
- Complete the questions.
Financial position section
You and your adviser will complete the Financial position section. It’s a detailed summary of your, your partner’s and your farm’s current financial position. This helps your adviser estimate your position financially over the next 3 years.
Once complete, the adviser will:
- assess your current financial position
- complete a strengths, weaknesses, opportunities and threats evaluation of your overall financial position
- summarise what factors are affecting your financial position
- fill out a report of the potential position of your farm
- offer their qualified opinion of its long term viability
- discuss with you the assessment of your financial position.
The Farm Financial Assessment Companion Guide on the Department of Agriculture and Water Resources website provides lots of advice.
On completion of the assessment
Once you’ve completed your assessment, your adviser will issue you with an invoice for their services. They should make the invoice out to the Department of Human Services.
Use the Farm Financial Assessment Supplement voucher we sent in your letter to help you pay this fee.
Return your completed voucher and invoice or receipt of payment to us either by:
You can also post them to:Department of Human Services
Rural and Climate Change Services
Reply Paid 7816
CANBERRA BC ACT 2610
When we pay
Our standard payment terms are 30 days from when you send us a correctly rendered tax invoice. For payment enquiries call our Shared services support desk on 1800 906 144 and when prompted:
- select option 1
- then select option 3
- then select option 2
- then select option 3 for accounts payable.
Financial Improvement Agreement
You must also meet with your Farm Household Case Officer to develop a Financial Improvement Agreement.
This agreement sets out the activities you must do while you get Farm Household Allowance from us.
You’ll have 28 days to enter into your agreement or your payment may stop. Talk to your case officer as soon as possible if you need more time.