Sorry Terry I should clarify, When I say a hobby I mean it won't make enough for my full time income, especially with the mortgage on it. Its 100 acres in NSW and we need a turn over of 20k which is quite achievable (my folks have done it forever). Our solicitor researched the stamp duty concession thoroughly and he's happy so hopefully it's all…

Thanks Jack and Terry,I've spoken to our accountant about using a trust for the farm (he does this with his) We would have to pay stamp duty if we bought through a trust but if we buy in individual names we can receive a stamp duty exemption because it's a rural property being passed on from ancestors. This will save around $65000 so it was ha…[Read more]