Getting started

As with any new business, starting a small farming business can be a daunting task. The fact that there are different taxation rules that apply specifically to small businesses in the agricultural sector can complicate matters even more.

The Australian Tax Office (ATO) website contains a plethora of information relating to hobby farm business structures, possible tax deductions and options for claiming losses, but we have condensed the most important information in this article.

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So, you’re thinking about throwing in the towel at your city gig and moving to the country for some peace, quiet and fresh air. A shift  in gear that gives you  time to start work on that novel you’ve always wanted to write, raise some ducks and a cow or two and grow your own veggies.

You crave a quieter existence and the joys of hobby farming, but you want to do it without channelling Chevy Chase’s character from Funny Farm, whose attempts to embrace rural life are wrought with one disaster after another.

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Article as seen in the November edition of Money magazine by Susan Hely.

Questions: What is the smartest way forward financially for us given that Clare will not be working for some time? Should we invest in shares, buy an investment property or focus on paying down the mortgage? What is the best way to buy land, build a house and set up a hobby farm?

Names: Clare and Michael

Status: Married and expecting a baby.

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Anton and Fiona Bombara are seasoned organic growers.
Their organic market garden business in the Peel region of Western Australia has flourished from a part-time enterprise growing only watermelon, tomatoes and
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Debbie has put her product development skills to good use to diversify the range of Swan Valley Honey products. She has developed new recipes, confectionery and dressings that are taste tested at shows and the feedback used to fine tune the next new addition to the range.
Products
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Debbie Starr is a talented and experienced chef and also the luminary behind Swan Valley Honey.
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 Leasing land can be a great way to get into agriculture or expand your existing business without the high capital cost of purchasing land. For the    landowner, it can also provide a steady income from land they are not currently farming.

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Nobody should buy a small farm on a whim. Whatever your reasons for buying a small farm – whether it’s a going to be your retreat, weekender, hobby  farm, conservation or self-sufficiency block, or maybe an investment or a working farm – you shouldn’t make any decisions before considering these  important purchasing tips.

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 “What can I do with my small farm?” is a question I’m regularly asked. My response is usually: Well, what would you like to do and what will your farm  allow you to do? If you are thinking of buying a small farm, you should always have a vision of how you would like your prospective farm to look.

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New Forum Topics

Topic Replies Last post Forum
452 Creating an income on a hobby farm
bylindah on Thu, 11/10/2011 - 06:26
7
by admin
Mon, 04/06/2020 - 13:03
General Forum
5996 Rugging a Steer?
byerjstanley on Mon, 04/06/2020 - 10:19
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by erjstanley
Mon, 04/06/2020 - 10:19
Cattle
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Sun, 04/05/2020 - 22:11
New Members
5994 Second hand dairymaid
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Machinery & products
5991 Pasture grass identification
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Fri, 04/03/2020 - 08:47
Pastures
5973 IH B414 diesel
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1
by admin
Wed, 03/18/2020 - 12:07
General Forum
5960 An old bloke, new farmer
byDazmac on Sun, 02/23/2020 - 15:29
2
by pasture.improv…
Tue, 03/17/2020 - 14:05
New Members
5962 Some advice on tractor implements.
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3
by pasture.improv…
Tue, 03/17/2020 - 14:01
Farm equipment
2268 Blady grass eradication
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2
by pasture.improv…
Tue, 03/17/2020 - 13:56
General Forum
5967 Cost of rabbit vaccinations
byDreamChasers on Sun, 03/15/2020 - 06:50
1
by admin
Tue, 03/17/2020 - 12:53
General Forum
5964 Regulations around home butchering of carcass bought from slaughter house/ butchery
byelizabethakinsanya on Sun, 03/08/2020 - 21:10
1
by admin
Fri, 03/13/2020 - 08:59
General Forum
5966 Smsf farm buying
byjohnj on Thu, 03/12/2020 - 12:40
1
by admin
Fri, 03/13/2020 - 08:47
General Forum
5961 When do I slash after planting a new pasture?
byWayne1 on Wed, 02/26/2020 - 10:51
1
by admin
Wed, 03/04/2020 - 09:53
Pastures
5933 Pasture management for newbie
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3
by admin
Tue, 02/11/2020 - 12:59
Farming Help
5948 Looking for a lely tined weeder
bymcilett on Sun, 02/09/2020 - 18:14
1
by admin
Tue, 02/11/2020 - 12:35
Machinery & products
5937 Looking for Giant Bermuda Grass Seed
byCQGems on Wed, 01/29/2020 - 07:13
2
by CQGems
Sat, 02/01/2020 - 06:41
Pastures & Crops
5932 Black headed cockchafers
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1
by admin
Fri, 01/31/2020 - 16:28
Farming Help
5930 bobby calves
byAllison68 on Sat, 01/18/2020 - 22:58
2
by admin
Wed, 01/22/2020 - 17:28
Farming Help
5673 Goat Worming
byBrettgarland on Sat, 05/11/2019 - 17:06
9
by rocket
Sun, 01/12/2020 - 10:57
Farming Help
3822 goats
bymatthew10goats on Thu, 08/09/2018 - 21:05
4
by admin
Fri, 01/03/2020 - 14:32
Farming Help

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