Farmers under financial strain now have access to extra support and guidance. The Farm Debt Mediation Scheme came into play on 1 July and provides mediation services to help farmers and their creditors work through debt issues.
This means farmers can expect a structured, confidential, and impartial negotiation process that leads to an agreement on how to proceed.
- Creditors who lend money to farmers will have to offer mediation before taking enforcement action if farmers default on payments.
- Business owners in agriculture, horticulture, aquaculture, apiculture and sharemilking can ask for mediation at any time.
Staying well
Unexpected challenges put pressure on your business and family, which is why it’s so important to do the little things that keep you sane. Check out www.farmstrong.co.nz for farmer-to-farmer tips and videos (backed by wellbeing science) on stress, burnout, sleeping, healthy eating, thinking and more.
Tax relief for Mycoplasma bovis farmers
The Government will be introducing legislation to help farmers whose herds were culled in response to the Mycoplasma eradication programme. It will allow you to spread additional income from the cull over the next six years, as long as:
- the culling of your breeding livestock and your replacements were due to Mycoplasma bovis
- you've used, and continue to use, the national standard cost scheme or the self-assessed cost scheme for your breeding stock
- you've substantially replaced your culled livestock within 12 months.
The legislation will apply retrospectively, from the 2017/18 income year. For more information, head to Inland Revenue’s website or call us.