Wife and I recently purchased a few hundred acres of vacant farm land and lease it out for about $15K/year. It is a 50/50 partnership wife and I. We're getting around to filling out our first Partnership Tax Return, but when looking for basic advice on the ATO website we're getting a little confused as to what we are..! Is this a rental property? Rental properties | Australian Taxation Office Is this not a rental property, but a business? Partnership | Australian Taxation Office Something else?