Hi Folks, Keen CF+ investor, been in it for 12 years give or take. SMSF Farm(er) renter, father of three, Govt employee, 10 years to choosing if I want to work. Love clay target shooting, and travel.
Welcome! The farm idea caught my imagination a bit. Would be interested to know what criteria is for a farm that can be bought in an smsf and how you see the numbers working out. I'm just curious though and you don't have to tell me
Welcome journey fan. Bit before my time bit ok forward to learning more Saw your other post in the hack thread, sounds like you have a great plan and solid motivations in place! ....now where are you so i can 10L of oil for my next service
Happy to share information. Structure wise talk to Redwood, but the basic requirement is that you are carrying on a primary prodcution business with turnover >$20k Without this you are not a farm. The best part with the numbers is the $0.15c paid per dollar up to concessional cap, the fact the landlord (SMSF)is responsible for repairs (you only pay $0.15c in the dollar to fix stuff) Your rent paid from your PAYG income is deductible because you are renting business real property. I dont know if I am adequately explaining how it works, but once I had my head around it,it was an extremely tax friendly wealth accumulation strategy that allowed further income and tax benefits.
6 in central west NSW about 40 mins from Dubbo, one in Bay Islands area of QLD, and one in Western Sydney. I sold one near Rockhampton and one in Central West NSW got out with good profit, but they were problems for management or other reasons.
I had that old girl for 17 years. she was like a Nanny to the kids, Basset Hound x Kelpie strange cross, but fantastic dog. Lost her 2012.
As I said in the thread, I dont know if I have it all worked out, but I have a good life and can see that if I keep doing what I am doing I wont have to worry about money. Thats a nice feeling. By the way, get your own oil! Ha!
