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Given that the income from the farm is unlikely to ever exceed the tax-free threshold (~$18K P.A.), and we won't have much other income, I guess reducing tax is probably not a big factor either? Are there other reasons to use a trust?

Commercial farm - cropping. We may have children, but succession planning is not a factor.

I should add - the land will be purchased outright with no debt. We likely won't be living on the land mentioned, but this might change at some point.

Basically the wife and I are buying some farm land as an investment, which we intend to lease to another farmer. We both work at the moment, but the plan is to go bush/feral in a year or two and live a subsistence lifestyle - supplemented by the modest income received by leasing the farm...