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Rural Financial Counselling Service Southern Queensland (RFCS-SQ) provides free, impartial, confidential and responsive rural and small business financial counselling services across Southern Queensland.
The RFCS Programme in Queensland is funded by the Australian and Queensland Governments.
NEWS
WELCOME TO 2021

It's a new year with new challenges.

For our small businesses, COVID continues to threaten revenue and the wind back of government assistance is challenging for some sectors.

Our farming clients have enjoyed some rain but as usual it's been patchy and large chunks of Southern Queensland are still keenly watching weather predictions for their turn.


We hope you managed to enjoy some time off work/away from the office or the farm and relaxed with family.

 

JOBKEEPER UPDATE

The JobKeeper payment scheme is a subsidy for businesses significantly affected by Coronavirus (COVID19)

LATEST NEWS
  • The Jobkeeper payment has been extended until March 28, 2021. Click here for more information. (From January 4, 2021 to March 28, 2021, the new decline in turnover form to work out eligibility for the second extension period will be available.
  • Existing eligible employers must submit the new decline in turnover form before completing their business monthly declarations from February 1, 2021.
  • From February 4, 2021, employers must pay their eligible employees at least the correct JobKeeper amount of either $1000 for tier 1 or $650 for tier 2.
  • To support employers and their intermediaries that may be taking leave over December and January, there's more time to meet certain JobKeeper obligations - Click here for key dates.
  • The Administrative Appeals Tribunal handed down a decision on December 21, 2020 about the requirement to hold an ABN on March 12, 2020. The decision has implications for entities that had a previously cancelled ABN reactivated, or had been granted a new ABN, and had the date of effect backdated to on or before March 21, 2020. We have now lodged an appeal with the Federal Court concerning this decision. Click here to see at AAT decision on backdated ABN's.
  • The JobKeeper payment remains open to new and existing participants that meet eligibility requirements until the en dof the scheme in March 2021.
For more information click here
AGRISTARTER LOAN APPLICATIONS OPEN NOW

The Regional Investment Corporation (RIC) is offering AgriStarter loans to encourage and support people in obtaining their first farming business, or to assist with farm business succession planning and giving effect to succession plans.

There are two kinds of AgriStarter loans – succession loans and first farmer loans.

Succession loans are available to help applicants undertake succession activities (being the succession planning process or activities identified in that process). First farmer loans are available to help eligible loan
applicants to:
  • purchase a farm business or a controlling interest in a farm business, or
  • establish or develop a farm business in which the applicant has or will have the sole or a controlling interest (including by funding the purchase of land, infrastructure, equipment or stock and covering other farm costs such as operating expenses)

To qualify for a loan, you must meet all eligibility criteria.

AgriStarter loans can be for up to $2 million.
The initial loan term is ten (10) years, with interest-only repayments for the first five (5) years and
principal and interest repayments for the final five (5) years. A variable interest rate applies to the
loans.

For more information
click here
NEW SMALL BUSINESS MINISTER
 
Former Child Safety Minister, Di Farmer was announced in November as the new Employment, Small Business, Training and Skills Development Minister, replacing Shannon Fentiman.

Part of the budget announcements late last year included a $140 million, 'Big Plans for Small Business' policy driving private investment in the small business sector.

It includes:
  • An initial $100 million Business Investment Fund with a focus on small businesses with significant potential for growth and job creation (see below article for more information)
  • $30 million of investment to increase skills and capability with a focus on small business grants in priority industry sectors (Click here) and;
  • $10 million of investment to make it easier to do business including;
BUSINESS INVESTMENT FUND

The Queensland Government is establishing a Backing Queensland Business Investment Fund to be dedicated to direct investment in Queensland business and industry, and managed by QIC.
The Business Investment Fund's primary objectives are to promote jobs growth, increase access to growth-stage capital in Queensland, and generate target returns through investment in innovative small and medium sized enterprises.

KEY INVESTMENT OBJECTIVES AND CRITERIA:
The Business Investment Fund, will primarily consider co-investment opportunities, alongside a third-party investor, in small to medium sized businesses that:
  • have significant growth potential (i.e. growing operations in Queensland, expanding in Queensland or relocating to Queensland) and demonstrate continued economic growth in Queensland;
  • will utilise the funds to create significant Queensland-based jobs;
  • have a proven product and defined market opportunity but require significant capital to build scale or grow market share;
  • are relatively mature, well beyond proof of concept and are generally profitable or approaching profitability;
  • are seeking capital to expand or restructure operations, enter new markets or finance significant acquisitions;
  • are not an investment fund; and
  • are not conducting any of the following as their primary business activities:
    • finance (other than finance technologies);
    • insurance (other than insurance technologies); and
    • property development, land ownership, or construction (other than construction technologies).
The investment framework and process are to be finalised and will be made public once available.
Please register your interest in receiving further information regarding the Fund, as available, via email: bqbif@qic.com.

For more information click here
Jo Tardent is the Small Business Financial Counselling Program Coordinator

SMALL BUSINESS PROFESSIONAL SERVICES FUND

This month we published a press release which helps explain the Small Business Financial Counselling Program and the professional services fund.


SMALL BUSINESS CHALLENGES

CHANGES to JobKeeper and residual financial challenges could present more hardship for Southern Queensland Small Businesses that were in trouble before COVID said Small Business Financial Counselling Program (SBFCP) Coordinator, Jo Tardent.
 
The SBFCP identified JobKeeper changes and the recommencement of deferred loan repayments as stress points for small businesses across the state while new insolvency laws offered some support as businesses closed.
 
“As deferred bank loan repayments restart and deferred rent is due, we’re going to see a lot of people whose cash flow hasn’t recovered enough to pay both current expenses and deferred expenses,” Mrs Tardent said.
“On a positive note, new insolvency laws came into effect in January allowing owners of financially distressed but viable small businesses to explore options to restructure debts and continue to trade rather than close.”
To explore insolvency options, small business owners must make an application to ASIC by the 31st March 2021.
 
The SBFCP supports small business owners experiencing or at risk of experiencing financial hardship. 
“We can assist with preparations for financial meetings and bank negotiations, cash flow and financial statement preparation, commercial tenancy disputes and financial payment plans,” she said, “We support clients dealing with some confronting situations including repossessions, tense negotiations, and complicated financial situations.”
 
A relatively new assistance mechanism is the Professional Services Fund whereby clients are eligible for up to $5000 of specialist professional advice.
“Case managed clients unable to pay for the services of a professional advisor can access the Professional Services Fund to engage advisors for things like business restructure and legal advice, online marketing and website creation and development, contract examination and other specialists aspects of improving their business.”
Mrs Tardent said one of her clients utilised the funds to get specialist feedback and advice on a cancellation policy which had been tested with COVID cancellations, while another developed their website to increase online sales activity.
The Federal government funded Professional Services Fund is delivered by the SBFCP and is available to businesses with up to 19 employees in specific regions of Southern Queensland.
 
The SBFCP provides free, independent financial counselling to small businesses in both metropolitan and regional Queensland employing 12 small business counsellors in Southern Queensland Region.
“Small Businesses experiencing financial hardship as a result of drought, bushfires and or COVID19 are eligible to utilise our services,” Mrs. Tardent said, “our primary focus is client support as we help business owners identify, address and work through financial difficulties.”

Contact the SBFCP on 1300 732 777 or visit www.rfcssq.org.au

 
SMALL BUSINESS PROFESSIONAL SERVICES FUND

Existing clients of the Small Business Financial Counselling Program who are eligible under the Federal Government guidelines can access funds to engage specialist professional advisors for their business.


 
EVENTS
CLIFTON
Wednesday, March 3
RURAL SUCCESSION PLANNING WORKSHOP
Featuring a succession planning specialist, lawyer, accountant and banker
Register at www.rfcssq.org.au

AUSTRALIA DAY AWARDS

The Rural Financial Counselling Service Southern Queensland was nominated at the 2021 Maranoa Regional Council Australia Day Awards for the '2020 Community Event of the Year' category and the event won the award.



RFCSSQ's Sharon Purcell and the Mungallala Progress Association member, Jacqui Beale accepted certificates and medallions at the Mitchell Australia Day celebrations.

The Mungallala Twilight BBQ and Fireworks was a great success in 2020 and one very supportive local thought it worthy of nomination.

As one of the first events after COVID restrictions lifted, was challenging on multiple levels but with the support of locals, Jacqui Beale and John Shelswell, a fantastic crowd turned up and a great night was enjoyed by all.

The event was organised by a subcommittee including our media and communications officer, Sharon Purcell, our CEO, Jenny Whip, Client Support Officer, Naomi Monk, Small Business Financial Counsellor, Jahra Taylor, Rural Financial Counsellor, Dale Murphy, Rural Financial Counsellor, Nathan Wichlacz and Maranoa Regional Council event support officer, Rhonda Toms-Morgan, ConnectAg.

The event was nominated by a local gentleman who couldn't attend the event but sat on his verandah with his dogs and watched the fireworks from the comfort of his home.

He rang us to say he wanted to nominate the event because the feedback locally was exceptional and he was delighted we choose his town for such a unique event.

We loved visiting Mungallala for the event and caught up with existing and past clients and introducing ourselves to new clients.

We worked closely with the Mungallala Progress Association, Rotary and the Maranoa Regional Council to ensure the event was a success.

 

Rotary, Maranoa Regional Council, RFCSSQ and the Mungallala Progress Association were all in attendance.
STAFF
EMMA BEST
Brisbane Small Business Financial Counsellor

Emma is our Brisbane and Moreton Bay Small Business Financial Counsellor and joined the team in 2020.

"I help small business owners and their creditors find solutions which are in the interest of all parties," Emma said.
"I find it very rewarding witnessing the stress and the burden lift when people share their problems, a problem shared is a problem halved!"

Contact Emma on 0436 125 795
CEO'S REPORT
Jenny Whip

A big welcome to 2021!

 

RFCS-SQ commenced the year with delightful news that we were nominated for the 2021 Maranoa Regional Council Australia Day awards for the ‘2020 Community Event of the Year’ category and we won the award. 
The RFCSSQ team and I had great pleasure working with the Maranoa Regional Council, Rotary and Mungallala Progress Association who made this family orientated event possible. 

Our planning is well underway for workshops and events in rural and regional centres.
We are commencing with a Succession Planning Workshop at Clifton and several more days planned for 2021.

2020 was such a challenging year for all across our region, with COVID pandemic, bushfires some floods and bushfires. 
We live in a wonderful state but at times the challenges we confront require some additional support and assistance.
Our team of small business and rural financial counsellors have up to date information on support mechanisms that your enterprise may be eligible for.

The Flexible Financial Hardship Program funded by the Department of Communities, Disabilities and Seniors administered by RFCS-SQ has seen many schools, primary producers, individual and small business in drought areas and reliant on agriculture apply for support.
The funding will support eligible recipients to relieve the cost of living pressures alleviating hardship and was allocated in the following Local Government Areas: Balonne, Gladstone, Livingstone, Quilpie, South Burnett, Bulloo, Goondiwindi, Maranoa, Rockhampton, Southern Downs, Bundaberg, Ipswich, Murweh, Somerset and Toowoomba. 
To find out more information on the Flexible Financial Hardship Program, telephone 07 4622 5500 or one of our local rural financial counsellors via our website www.rfcssq.org.au.

The rural and small business teams look forward to continuing to assist Southern Queensland small businesses and farmers in 2021 and are available to meet at our offices or travel to your place of business.
 

Jenny
CHAIR'S REPORT
Karen Tully


“Planning is bringing the future into the present so that you can do something about it now”.

Alan Lakein (American businessman and author)


Australia Day is increasingly becoming a day of reflection for our people and nation. 
The 26th of January this year saw me returning my son back to school for his final year of education and I took a moment to reflect on this learning journey to date and to quietly observe the numerous new families who were delivering their son to boarding school for the first time.  

Indeed, it was entire families who were braving the searing mid-afternoon humidity of Brisbane to haul wheel-along luggage; colourful vinyl overnight zip-up bags; red, white and blue striped jumbo nylon striped bags full of bedding and a variety of school, electronic and sporting equipment into the boarding house. 
Brothers, sisters, mothers, fathers and indeed, some grandparents were all eagerly (and maybe nervously) handing their son’s over to the care of school staff who would nurture and guide their educational and boarding journey over the next ten weeks. 
Educating children, regardless of the school chosen, comes with a myriad of costs and most parents prioritise supporting their children’s education over many other ‘nice to have or do’ goals. 


For many of us, we make plans for our ourselves and our family, knowing it is our primary production or small business that needs to meet the financial commitment that comes with fulfilling these intentions.    
Education is only one of the numerous objectives you may have.  

What personal aspirations do you have where you are relying on income produced by your business to fund your ambitions? 
Is it expanding or diversifying the business? 
Buying a partially owned business outright? 
Setting up family members in a business of their choosing? 
An investment property or business? 
Do you dream of a unit at the coast, a city apartment or a house in the mountains to achieve lifestyle goals?  
Is retirement looming? 

If you find yourself in the situation of having some serious financial goals for yourself and your family, it is never too early to start planning to meet these aspirations.
For many of us, this involves setting the goal along with the required actions and timelines. 
This is often the first step towards achieving a big goal. 

However, the actual task of earning the financial resourcing (year in, year out) to achieve these goals within your existing business can be challenging. 
Mother nature, family circumstances, health, society and indeed, pandemics can all throw us unexpected curve balls which hit our best laid plans hard and cause them to wobble.

If you are in the situation where some of your small business or primary production finances are beginning to wobble, you might like to seek support from a Financial Counsellor. 
We have highly skilled rural and small business financial counsellors who can offer free, impartial and confidential guidance and can support you through any wobbles and curveballs. 
And the best part is our counsellors are based at a location near you.
For more information, please visit www.rfcssq.org.au
 
 Karen Tully
Disclaimer of Liability 
Every effort is made to provide accurate and complete information in RFCSSQ’s newsletters, however, RFCSSQ cannot guarantee that there will be no errors.
RFCSSQ makes no claims, promises or guarantees about the accuracy, completeness, or adequacy of the contents of the newsletters and expressly disclaims liability for errors and omissions in the contents of this newsletters.
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Our mailing address is:
42b Wyndham Street, Roma QLD 4455
Phone: 07 46 22 5500 Email: admin@rfcssq.org.au

Rural Financial Counselling Service Southern Queensland is supported by the Federal and State Governments

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