Annual small farm costs? Taxes, rates, levies etc

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Sun, 09/13/2015 - 21:32 #1

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Last seen: 03/08/2018 - 21:05
Joined: 09/13/2015 - 21:15

Annual small farm costs? Taxes, rates, levies etc

Hello, My name is Jack and I am currently looking to purchase a small hobby farm on the mid north coast of NSW between 30-100 acres.  The property will generally be used as a weekend getaway for riding motobikes and a small amount of livestock.  My question is what expenseses will the government / local councils impose on the farm or myself? 

If you can recommend anything else a first farm buyer should know as well it would be greatly appreciated !!

smiley

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Mon, 09/14/2015 - 13:37 #2
Kaz
Last seen: 07/06/2023 - 21:03
Joined: 04/05/2015 - 09:51
Hello and welcome to the forum! I am currently about to settle on a parcel of land in central west NSW You will have council rates, the less services the cheaper the rates. You'll also have LHPA rates which are $73 approx per year without livestock, with livestock you'll pay extra per head. Best advice is to get your conveyancer/solicitor to go through the contract of sale before you make a commitment. Some properties have hidden extras like licenses or existing agistment agreements. There is also a stamp duty on purchasing property and this can add to your cost also. Also check no fence fixing notices have been issued. Check the property in different weather if you can as it may turn into a quagmire in the wet or a heavy frost. Speak to neighbours if you can see any and ask about hunting activity and crime. Neighbours can tell you alot! Hope this helps! Kaz
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Fri, 09/18/2015 - 11:11 #3
barb
Last seen: 09/17/2019 - 18:07
Joined: 11/23/2011 - 09:38

Hi,

as you intend to run livestock on the property, you will need to have a PIC number issued to your property if it doesn't have one already. Check out:  safemeat.com.au to get the details on this. PIC codes (property identification codes) are issued for the property not the owner.  

Please feel free to ask any questions, we are here to help.

 

Cheers,

Barb

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Fri, 10/02/2015 - 23:36 #4
Dingg
Last seen: 03/08/2018 - 21:05
Joined: 03/28/2015 - 15:58

G`day Jack, great idea. Based on my own experience @ the South Burnett in Queensland would recommend your purchase as a long term investment and be prepared for the local Council to give you a nudge with your rates. Our first 5 acre in the mid 90`s cost us around $600 a year for rates, cost today around $1100, demand for land in rural areas few hours from the East coast in Queensland is at best a loaded gun with few buyers due to lack of work.

 

Bought a second block in July 2010 @ the South Burnett and rates have skyrocked since purchase, valuations have fallen so another long term outlook.

 

Councils also get a bee up their a@#e over weeds and overgrown properties. Land is cheaper, growth in value and demand is lower however most people could not afford 30 to 100 acres close to the Coast.

 

Also can advise that a part time tree change is good for the Soul when work and city life gets one down.

 

Good luck with your proposed purchase.

 

Cheers

Mike.

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