About Steer Inc.
How Does it Work?
Who Can Use Steer? |
Steer Incorporated is a not-for-profit, income tax exempt mission support organisation, which raises finance for missions and outreach activities overseas and in Australia. It does this by enabling individual supporters to use some of their assets to support the mission of their choice.
Contact details:
Steer Incorporated
PO Box 211
Box Hill Vic 3128
phone: 03 9899 6413
email: steer@steer.org.au |
The concept is simple. You place some of your income-earning assets with Steer for as long as you choose. Steer then uses these resources to generate tax free income, 100% of which is distributed to the mission you nominate.
By channelling funds through Steer, FEBC can receive a bigger gift than if you give directly. Steer's income tax exemption means that all the income earned by Steer from its partnership agreement with you can be given to the mission, whereas if you give directly, you can only give from your after-tax income.
Each partnership arrangement is documented with a written agreement. However, Steer's arrangements with mission supporters are designed to work with a minimum of complexity and formality. |
People with funds to lend
Investment funds (minimum $1000) are lent to Steer as an interest free loan, repayable at call. These funds are invested in bank secured deposits and selected first mortgages.
Owners of rental properties
Rental properties are leased to Steer at a peppercorn rental, and rented out by Steer under arrangements agreed with the owner.
Farmers
Crops - farmers lease a portion of their farm to Steer at a peppercorn rental and raise a crop for Steer under a sharefarm agreement. The farmer's costs are covered by their share of the proceeds from the sale of the crop.
Livestock - livestock are either gifted or sold to Steer, normally at birth when their value is nominal. Steer contracts with the farmer to raise the stock. When ready for market, the farmer sells the stock on behalf of Steer.
Dairy and wool - heifers or lambs are either gifted or sold to Steer. Steer contracts with the farmer to raise and manage the stock. Milk or wool produced from the stock is sold on Steer's behalf. The farmer is reimbursed by Steer for the costs of management and production.
Discretionary/family trusts
Distributions are made to Steer from discretionary/family trusts. |
