Hello Everyone,
I had an interesting conversation with a colleague at work today who shared some details about a 130 acre property in NSW that he initially bought as a hobby/recreational farm but then discovered that he was able to flip this into a primary production farm that housed ~30 head of beef cattle.
He mentioned that he was able to get some great tax benefits and at the same time was able to use it as a recreational/hobby farm.
This piqued my interest as it could potentially be strategy to achieve to have exposure to capital gains and financially benefit those that are in the higher tax brackets and at the same time act as a bit of a hobby/recreational farm.
I'm wondering if any of you have ventured down this path and able to share some of your experiences on this and whether the thought of this is really just romanticism.
He purchased up near Newcastle for 400k and says it is worth about 600k....
Interested in your thoughts on this.....
Regards,
q
I had an interesting conversation with a colleague at work today who shared some details about a 130 acre property in NSW that he initially bought as a hobby/recreational farm but then discovered that he was able to flip this into a primary production farm that housed ~30 head of beef cattle.
He mentioned that he was able to get some great tax benefits and at the same time was able to use it as a recreational/hobby farm.
This piqued my interest as it could potentially be strategy to achieve to have exposure to capital gains and financially benefit those that are in the higher tax brackets and at the same time act as a bit of a hobby/recreational farm.
I'm wondering if any of you have ventured down this path and able to share some of your experiences on this and whether the thought of this is really just romanticism.
He purchased up near Newcastle for 400k and says it is worth about 600k....
Interested in your thoughts on this.....
Regards,
q