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Discussion in 'Introductions' started by Journeyman, 30th Jul, 2016.

  1. Journeyman

    Journeyman Member

    Joined:
    29th Jul, 2016
    Posts:
    17
    Location:
    Australia
    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.
     
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  2. ellejay

    ellejay Well-Known Member

    Joined:
    19th Jun, 2015
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    1,087
    Location:
    Kimberley and NZ
    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 :)
     
  3. Azazel

    Azazel Well-Known Member

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    Gday @Journeyman , welcome aboard.
    Where abouts are your properties?
     
  4. MTR

    MTR Well-Known Member Premium Member

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    Location:
    Perth, Melbourne, USA
    love your dog:) and won't hold it against you that you work for government:p
     
  5. bob shovel

    bob shovel Well-Known Member

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    Welcome journey fan. Bit before my time bit ok forward to learning more:D


    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:p
     
  6. Journeyman

    Journeyman Member

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    29th Jul, 2016
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    Location:
    Australia
    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.
     
  7. Journeyman

    Journeyman Member

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    29th Jul, 2016
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    Location:
    Australia
    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.
     
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  8. Journeyman

    Journeyman Member

    Joined:
    29th Jul, 2016
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    Location:
    Australia
    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.
     
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  9. Journeyman

    Journeyman Member

    Joined:
    29th Jul, 2016
    Posts:
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    Location:
    Australia
    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!
     
    bob shovel likes this.
  10. Azazel

    Azazel Well-Known Member

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    Location:
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    I have it on good authority that this is a really good spot ;)