Where the farmer retained a life interest in the dwelling house on the [glossary:farm:68], and any surrounding land of up to 2 hectares (ie curtilage), the farmer was treated as a homeowner.
The first bonus period commences on the date of registration or, if the person was a [glossary:non-accruing member:188] at that time, on the first day after the non-accruing membership ceases. Bonus periods are normally continuous, but may be broken by a period/s of non-accruing membership. In this case a bonus period will be broken into two or more periods which cannot add to more than 365 days for a full-year period.
One of the aims of RASF is to allow older sugarcane farmers to retire from sugarcane farming. In keeping with this, it is necessary for the sugarcane farmer to dispose of all their sugarcane farming interests if they wish to participate in RASF.
DFISA ceased 1 January 2022. This is for historical reference only.
Last amended: 22 April 2014
The [glossary:pension bonus scheme:673] is designed to encourage a person to defer retirement. Contrary to this, Retirement Assistance for Sugarcane Farmers (RASF) encourages sugarcane farmers to retire. Special rules apply to sugarcane farmers registered under the pension bonus scheme, who subsequently apply under RASF. These special rules are designed to allow them to utilise the benefits of both schemes.
What is the Home Equity Access Scheme?
The Home Equity Access Scheme is a voluntary reverse equity mortgage that offers older Australians an income stream to supplement their retirement income. This allows people who have assets in the form of Australian real estate, but who need or want additional income in retirement, to draw on the value of those assets. Payments are usually in the form of fortnightly payments but participants can request up to two advance payments within a 12-month period.
