Fri, 02/01/2019 - 11:04 #1
How to Become Classified as A Primary Producer/Alpacas
Hi Everyone! First time poster, here. We've recently purchased 136acres of land near Maleny, Queensland. The land is heavily sloped and has access to a permanent creek. Previously (>10yrs) ago there were 100 head of cattle on the property. We are faced with a significant task of pasture regeneration, as the owner who was here for the last 8 years did not access any part of the property but the front yard. We've recently gone to an accountant to obtain ABN and GST number and have the intention of breeding Alpacas and establishing some Bed and Breakfast type cabins on the property. We've dropped both of our day jobs to casual in an effort to get the time to put into establishing this business. When can we begin to claim the tax benefits of being a primary producer? We have already sunk a significant amount of personal capital into the purchase of land and farming equipment such as tractor and UTV. We need to clear lantana and do a lot of weed control before we put stock on the property. Can we claim these benefits as we are undertaking pasture regeneration, or do we need to have our stock on the property first? I've been everywhere online and it is all very confusing. I'm currently undertaking a farm management course online and hope to establish a farm management and business plan in the next few months. Any advice or contacts that can be offered for guidance and mentorship relating to the tax considerations and/or where to begin with pasture regeneration would be greatly appreciated.