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There is growing global pressure for agriculture, in particular red meat production, to reduce net greenhouse gas emissions (GHGe). A greenhouse gas (GHG) estimate is useful to benchmark and measure emissions and is useful to inform strategies to reduce or offset farm emissions. The average annual net farm emissions for two extensively grazed rangelands properties (Property A and B) in the semi-arid rangelands of southeastern Australia were calculated using the Primary Industries Climate Challenges Centre (PICCC) Greenhouse Gas Accounting Framework (GAF) tools over 5 years. Property A is 19,794 ha, has an average annual rainfall (AAR) of 390 mm and grazes cattle, sheep and goats for red meat production. Property B is 11,831 ha, has an AAR of 290 mm and graze s cattle and sheep for red meat and wool production. The average annual net farm emissions were 2,233 t CO 2-e/farm for Property A and 1,078 t CO 2-e/farm for Property B. As expected, in these low input systems, methane from livestock was the largest source of emissions for both enterprises. Carbon neutrality within a farm business can be achieved when GHG e are balanced by carbon sequestered in soil and vegetation on farm. Soil is an important and large store of carbon in the landscape. Using Property A as an example, our calculations demonstrate that even a conservative increase in SOC through grazing management could increase SOC concentration by 0.05% (e.g. from 0.53 to 0.58% SOC; 0 to 100 cm) over a 25-year period (one of two permanence periods under the Carbon Credits (Carbon Farming Initiative) Act 2011). Calculated at property scale, this equalled 18,497 t CO 2-e per year sequestered in soil which could offset the average annual emissions produced.