Buying a small farm

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Kelpiegirl's picture
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Joined: 21/04/2018 - 9:12pm
Buying a small farm

I am planning to purchase a small farm, 160 acres in eastern wheatbelt of WA. I have farming experience but I have no idea about taxation and claiming, how much to earn before I can become a business, whether I can still claim a pension, do I run it as a hobby or a business. I train sheepdogs and also teach people how to train dogs. I would like to run app 100 sheep, and perhaps have a farm Stay or similar. Where do I get advise, thanks

Jusfarming's picture
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Last seen: 2 months 1 week ago
Joined: 05/06/2015 - 8:43pm

Hi Kelpiegirl,
I am 3 years into farming in south west WA and had similar questions. I went through a rural accountant in the area (recommended by neighbouring farmers) for the answers. This obviously cost money for their services, by memory a couple of hundred. Alternatively you can research via ATO website (I personally found it all too confusing but you may be different).

I happen to have a 12 month old kelpie that needs training (as do I!) - perhaps we can do some kind of swap, accountants info for training? If interested please get in touch. If not, best of luck - buying the farm is the best decision I ever made.
Jus

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Joined: 28/02/2011 - 2:19pm

Hi Kelpiegirl,

It all can be a bit confusing, we have recently written an article on hobby farm tax deductions and business structure which you might find useful. 

http://farmstyle.com.au/news/hobby-farm-tax-deductions-and-business-stru...

Regards,

Charlie

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