Farm Financial Assessment
This is an assessment of your farm’s financial position. It's one of your mutual obligations for Farm Household Allowance.
After you claim
After you claim, we’ll assign you a Farm Household Case Officer (FHCO). Your FHCO will talk to you about the Farm Financial Assessment (FFA).
You will usually have 1 month from the date of our request to complete a FFA. Talk to your FHCO as soon as possible if you need more time.
About the assessment
We'll send you a letter about your FFA telling you what you need to complete the assessment. It'll include both:
- a Farm Financial Assessment Supplement voucher
- your One Time Access Code.
You need to meet with a qualified or experienced assessor to complete the assessment.
This type of financial assessor is someone who both:
- normally provides this kind of advice or assessment
- has relevant financial, agronomic or business qualifications or expertise to complete the FFA.
The financial assessor can’t have a conflict of interest. This means they can’t either:
- have an interest in the farm, including a business or trust that owns the farm
- be an immediate family member of yours or anyone else who has an interest in the farm.
For more information about who can be a financial assessor, speak to your FHCO.
Whoever you choose, first ask them if they qualify to be a financial assessor. If you’re not sure, check with your FHCO if the person qualifies as a financial assessor.
You may need to pay a fee to the financial assessor who completes your assessment. The financial assessor sets the fee. You should agree to this fee before you get them to do your FFA. The Farm Financial Assessment Supplement voucher will help you pay the fee.
Farm Financial Assessment Supplement voucher
We’ll send you a Farm Financial Assessment Supplement voucher to help you pay your financial assessor’s 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 financial assessor 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 through myGov.
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. You need to fill it in and take it to your financial assessor. Don’t send it to us.
Set up an appointment
Once you’ve completed the about you section of the form, make an appointment with your financial assessor.
Your financial assessor will complete the full FFA online. They’ll talk to you about your financial position before sending the assessment to us.
Get your documents ready
You’ll need to take some documents and details with you to your appointment. These include all of the following:
- a copy of your FFA 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 expenses
- current income, including payments from us, income from non-farm employment, and 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 financial assessor will work through the relevant parts of the assessment together.
About you section
If you couldn’t complete this section online your financial assessor will help you complete the about you section. Your financial assesor 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 financial assessor will complete the farm information section. Your financial assessor 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 financial assessor submits your assessment.
Your financial assessor 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 financial assessor 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 financial assessor estimate your position financially over the next 3 years.
Once complete, your financial assessor will:
- assess your current financial position
- complete a strengths, weaknesses, opportunities and threats evaluation of your overall financial position
- summarise the factors affecting your financial position
- fill out a report of the financial potential of your farm
- offer their qualified opinion of its long term viability
- discuss with you the assessment of your financial position.
Where to get advice
The Farm Financial Assessment Companion Guide on the Department of Agriculture, Water and the Environment website provides lots of advice.
Once you've completed the assessment
You or your financial assessor must submit your FFA by the due date. If you need more time call your FHCO. Use the Farm Financial Assessment Supplement voucher we sent in your letter to help you pay the financial assessor.
Your financial assessor will issue you with an invoice for their services. You must provide this to us within 2 months of the invoice date. Please address unpaid invoices to Services Australia.
Return your completed voucher with the invoice. If you have already paid the financial assessor, return your payment receipt with the voucher and invoice. You can return these to us either by:
You can also post them to:Services Australia
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. Follow these prompts:
- select option 1 for Services Australia enquiries
- then select option 3 for finance services
- then select option 2 for financial shared services team
- then select option 3 for accounts payable.
Page last updated: 19 June 2020
This information was printed 11 August 2020 from https://www.servicesaustralia.gov.au/individuals/services/centrelink/farm-household-allowance/how-work-your-case-officer/farm-financial-assessment. It may not include all of the relevant information on this topic. Please consider any relevant site notices at https://www.servicesaustralia.gov.au/individuals/site-notices when using this material.