News

News

April 9, 2019

Latevo goes mutual as deadline nears for discount premiums

LATEVO has entered into a mutual-fund model which is able to universally waive stamp duty on farm-income protection premiums, and...
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January 7, 2019

Pay-outs show farm income protection works

THE CHIEF executive of a farm income protection business said the pay-outs made by insurance businesses to growers highlighted how...
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November 18, 2018

The determined daughters keeping rural WA on the move

IT was just the way things were. When it came to splitting up the family farm, the boys would inevitably...
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November 1, 2018

Crop Insurance Change on the Radar

Multi-peril crop insurance has the potential to enable practice change that can increase yields as well as recoup expenditure on...
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November 1, 2018

Leg-up for income protection gains support

The farming industry was left hanging last week after expectations of an announcement on multi-peril crop insurance at the Drought Summit...
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October 25, 2018

NFF calls for long-term view at National Drought Summit

The National Farmers Federation is asking federal and state governments to provide incentives for farmers to insure themselves in part...
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October 19, 2018

Robot turns its eye to weed recognition at Narrabri

Weed detection and identification is moving into the robotic age at the University of Sydney’s Plant Breeding Institute at Narrabri...
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September 26, 2018

Economic wherewithall essential part of licence to farm: Nuffield scholar

Financial literacy should be part of the essential criteria to becoming a farmer in Australia, according to Nuffield scholar and...
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September 13, 2018

A grower talks about taking out MPCI for the first time

Drought across much of the country has refocussed attention on options for grain growers to manage production and financial risks...
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August 10, 2018

Case for crop insurance mounts in crippling NSW drought

Multi-peril crop insurance is being looked at in a new light, as New South Wales and Queensland growers struggle in...
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Supporting Documentation for Partnerships & Trusts

If the farm business applying for a RIC loan is a Partnership or Trust you will need to provide originals or certified copies of supporting documentation as listed below.

What type of documents?

For Partnerships (one of the following):
a partnership agreement; or
the partnership tax return; or
the minutes of a meeting of the partnership
For Trusts:
a full trust deed and any amending supplementary deed (executed and dated); and
the full name of the settlor of the trust (only if the asset contribution at establishment is $10,000 or more)

Certified Copy

Evidence of Australian citizenship or permanent residency needs to be a copy of the relevant documentation that has been certified as true and correct by an Acceptable Referee:

Cash Flow Budget

As part of your RIC loan application you will need to provide copies of your actual and projected budget cash flows.  To guide you as to what information RIC will need they have provide a downloadable template on their webiste.  Click here to download the template.

Actual Cash Flows – Current Financial Year

Your financial year-to-date actual results and a cash flow budget projection for the remainder of the current financial year.

Projected Cash Flows – Next Financial Year

Your cash flow budget projection for the next financial year.  If, as part of your application, you are forecasting a ‘significant financial impact’ over a 2 year period, you will need to include a budget for the applicable period.

Identification Requirements

As part of your RIC loan application you will need to be able to provide documentary evidence (proof) of the identity of all the individuals associated with your farm business. This includes:

Verifying your identity

The acceptable identification must contain the individuals full name and either residential address or date of birth.  The acceptable identification documents comprise:

Certified Copy

A certified copy of identification is one that has been certified as true and correct by an Acceptable Referee:

Citizenship / Permanent Residency Requirement

At least one member of the farm business applying for a RIC loan must be an Australian citizen or have Australian Permanent Residency.

As part of your RIC loan application, you will need to provide evidence (proof) of Australian citizenship or permanent residency for that member of your farm business. We will ask you to upload copies of the certified documents to our secure form.

What type of documents?

Certified Copy

Evidence of Australian citizenship or permanent residency needs to be a copy of the relevant documentation that has been certified as true and correct by an Acceptable Referee:

A Season Update client is a farming entity that has previously had Latevo Farm Income Protection and has completed a Latevo Income Assessment.

If you are unsure if you are a Season Update client please contact Latevo or your broker for assistance.

A New Client is a farming entity that has not previously taken out Latevo Farm Income Protection or has never had a Latevo Income Assessement.

If you are unsure if you are have ever had a Latevo Income Assessment please contact Latevo or your broker for assistance.

Please ensure the cashbooks files are a detailed general ledger (transaction) by category report preferably in pdf format from your accounting software.  There should be an individual file for each financial year.

Do not provide summary files, we are specifically looking at your grain sales transactions and a summary file will not provide this detail.

If you would prefer not to provide your full cashbooks please ensure you provide your detailed grain transactions and any associated transactions such as share farming.