Moving abroad, leaving the farm behind

nudedragon

Hi all,
My wife and I are thinking of making a temporary move to Australia for 3 years. She is a citizen already and I have a work visa by defecto marriage. The plan would be for me to work over there while she pursues a third level course, can be done in half the time there as opposed to here due to her previous working background.
Trouble is along with my full time job,I have a farm here at present and am stumped to know what to do with it and what tax implications would be should i make a temporary move.
My family  can help out and keep it running (which I would think is the best thing to do as there is a re-jig of the BPS system coming on the horizon as opposed to letting it to a neighbour where the risk is the maps would be lost!) but I am not sure if the herd number can be kept in my name, tax implications, single farm payment implications etc.
Its head wrecking enough to be thinking of letting our lovely home to some stranger while we are gone to cover the mortgage and also leaving my full time employment position without running the risk of making the farm enterprise even less of a viable business by losing out on future payments because of our decision.
cheers all.

20silkcut

nudedragon wrote: »

Hi all,
My wife and I are thinking of making a temporary move to Australia for 3 years. She is a citizen already and I have a work visa by defecto marriage. The plan would be for me to work over there while she pursues a third level course, can be done in half the time there as opposed to here due to her previous working background.
Trouble is along with my full time job,I have a farm here at present and am stumped to know what to do with it and what tax implications would be should i make a temporary move.
My family  can help out and keep it running (which I would think is the best thing to do as there is a re-jig of the BPS system coming on the horizon as opposed to letting it to a neighbour where the risk is the maps would be lost!) but I am not sure if the herd number can be kept in my name, tax implications, single farm payment implications etc.
Its head wrecking enough to be thinking of letting our lovely home to some stranger while we are gone to cover the mortgage and also leaving my full time employment position without running the risk of making the farm enterprise even less of a viable business by losing out on future payments because of our decision.
cheers all.

Surely it’s just a matter of transferring entitlements into the family member who will be running the farm while your gone. I think it’s straightforward enough worse case scenario is the payment might be a few months late in the first year.
I don’t think there is any need to transfer the herd number out of your name.

orchard farm

I did the same,no major issues.talk to your accountant.go for it.the farm will still be there when you get back