What is the Latevo Income Assessment?

What is the Latevo Income Assessment?

The Latevo Income Assessment is an essential part of your application for Latevo Farm Income Protection.  This is a requirement for anyone who is looking to upgrade their coverage from Category 1 to Category 2 or 3.

Your broker or Latevo can provide you more information on Latevo’s Farm Income Protection product.

Your Latevo Income Assessment is based on six years of production data, your financial statements (audited financial accounts), tax returns and cashbooks (general ledger).  Agri-Analytics collect your data through our secure online application.

Agri-Analytics are engaged by Latevo to complete the income assessments. When we receive advice from Latevo that you are ready to proceed with your income assessment we will contact you.

For New Clients you will need to pay our assessment fee before you can commence data collection.  The cost of the Latevo Income Assessment is a one-off fee of $5000 plus GST. The one-off fee is eligible for a $2,500 rebate through the Federal Government’s Managing Farm Risk Programme.

Login Issued

When you are ready to get started we will issue you with a login and password to the application.  This is to ensure your privacy and security of your data.  For New Clients your login will be issued when your assessment fee has been paid.  For Season Update clients you can request your login here or send a request via your broker or Latevo.

Data Collection

Our customer support team will help you through the data collection process.  We strongly recommend that you complete the relevant worksheet(s) that will have been sent to you with your logins before you start your online application.  While nobody loves homework we know that getting six years of production data together (or even one year) takes some time and effort.  Our worksheet(s) will guide you to exactly what information you need to get the online application completed.

Data Check

Once you have submitted your data and financials (your financials can also be submitted by your accountant), we will review it to confirm we have all the information we need and then undertake our analysis. If we have any questions during this time we will contact you via email.


Our analysts will review your production data against your financials to calculate your average revenue per hectare for each cropping year.  They will then calculate the Latevo average based on calculation of mean and median income over the assessment period.


When our assessment is completed we will then hand your file over to the team at Latevo so they can complete their underwriting process.  Once the growing season is completed we will also provide you with an Agri-Analytics Summary Report and a Benchmarking Report that provides you a comparison of your farm to the average and top performers of growers covered by Latevo Farm Income Protection.

Please be aware that when Agri-Analytics hand over your completed income assessment to Latevo it will be considered locked in and no further review will be entered into. This includes but is not limited to any information you or your accountant failed to provide at the time you completed your application and any fluctuation in market values for grain you harvested/stored.

Disclaimer:  Agri-Analytics provide to Latevo a calculated average of the mean and median farm income based on the submission of five years of financial and production data plus your most recent harvest data.  The underwriters, Latevo, reserve the right to calculate the sum insured based on the Agri-Analytics assessment as well as taking into account all other risk factors.

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.