Commonwealth Consolidated Acts Commonwealth Consolidated Acts(1) In this Act, unless the contrary intention appears:
"eligible descendant" , in relation to a person, means:
(a) a child, step‑child or adopted child of the person or of a partner of the person; or
(b) a descendant in direct line of a child described in paragraph (a); or
(c) any other person who, in the opinion of the Secretary, should be treated for the purposes of this definition as a person described in paragraph (a) or (b).
"eligible former partner of a qualifying farmer" has the meaning given by subsection (2).
"farm" means any land that is used:
(a) for the purposes of a farm enterprise; or
(b) in connection with a farm enterprise.
"farm enterprise" means an enterprise carried on within any of the agricultural, horticultural, pastoral or aquacultural industries.
"proprietary company" has the meaning that it has in the Corporations Act 2001 .
"qualifying farmer" has the meaning given by subsections (3) and (4).
"qualifying interest" has the meaning given by subsections (5) and (6).
"relevant farm asset" , in relation to a farm, means any livestock, crop, plant or equipment that is a produce of, or is used for the purposes of, the farm enterprise.
"relevant State land law" means any of the following laws:
(a) the Real Property Act 1900 of New South Wales;
(b) the Transfer of Land Act 1958 of Victoria;
(c) the Land Title Act 1994 of Queensland;
(d) the Transfer of Land Act 1893 of Western Australia;
(e) the Real Property Act, 1886 of South Australia;
(f) the Land Titles Act 1980 of Tasmania;
(g) the Real Property Act 1925 of the Australian Capital Territory;
(h) the Real Property Act of the Northern Territory;
(i) a law of a Territory (other than the Australian Capital Territory or the Northern Territory) making similar provision for the registration of dealings with land as the laws mentioned above.
(a) in relation to a qualifying interest in a farm--has the meaning given by subsections (7), (8), (10) and (11); or
(b) in relation to a qualifying interest in a relevant farm asset--has the meaning given by subsections (9) and (11).
(2) A person is an eligible former partner of a qualifying farmer if:
(a) the person was, but no longer is (whether because of death or any other reason), the partner of another person; and
(b) on the day on which the person ceased to be the partner of the other person, the other person was a qualifying farmer; and
(c) after ceasing to be the partner of the other person, the person has not again become a member of a couple; and
(d) the person has a qualifying interest in a farm or farms in which the other person had a qualifying interest.
Note: For qualifying interest see subsection (5).
(3) A person is a qualifying farmer if:
(a) the person has, has not ceased to have, and has continuously had for a period of at least 15 years, a qualifying interest in a farm; and
(b) during a period of 15 years, the person or the person's partner:
(i) has contributed a significant part of his or her labour and capital to the development of a farm or farms; and
(ii) has derived a significant part of his or her income from that farm or those farms.
Note: For qualifying interest see subsection (5).
(4) A person is also a qualifying farmer if:
(a) the person has a qualifying interest in one or more than one farm; and
(b) the qualifying interest in the farm, or each of the farms, was acquired by the person before 15 September 1997; and
(c) the person or the person's partner or former partner has been involved in farming in Australia for a continuous period of 20 years, or for periods that together add up to 20 years, by:
(i) contributing a significant part of his or her labour to farm enterprises; and
(ii) deriving a significant part of his or her income from farm enterprises.
Note: For qualifying interest see subsection (5).
(5) A person has a qualifying interest in a farm if:
(a) the person has a legal estate or interest in the farm; or
(b) the person has a transferable legal right or a transferable licence to occupy the farm for a particular purpose of the farm enterprise; or
(c) as the mortgagor of a legal estate or interest in the farm (being an estate or interest that is not registered under a relevant State land law), the person has an equitable estate or interest in the farm; or
(d) the person is a shareholder in a proprietary company that has a legal estate or interest in the farm.
(6) A person has a qualifying interest in a relevant farm asset if the person:
(a) has a legal interest in the farm asset; or
(b) is a shareholder in a proprietary company that has a legal estate or interest in the farm asset.
(7) Subject to subsections (8), (10) and (11), a qualifying interest that a person has in a farm is transferred to another person if, and only if, the qualifying interest:
(a) ceases to be vested in the person; and
(b) becomes vested in the other person.
(8) To avoid any doubt, it is stated that if a person who transfers a legal estate or interest in a farm to another person is, under a relevant State land law, registered as being the proprietor (whether that word or any other word is used) of that estate or interest, the legal estate or interest in the farm is taken not to have become vested in the other person unless and until the transfer is registered in accordance with that law.
Note: For relevant State land law see subsection (1).
(9) Subject to subsection (11), a qualifying interest that a person has in a relevant farm asset is transferred to another person if, and only if, the qualifying interest:
(a) ceases to be vested in the person; and
(b) becomes vested in the other person.
(10) If, as the mortgagor of a legal estate or interest in a farm (see paragraph (5)(c)), a person has a qualifying interest in the farm, the person is taken to have transferred that qualifying interest in the farm to another person only if the person:
(a) has, under a relevant State land law, become registered as the proprietor (whether that word or any other word is used) of the legal estate or interest in the farm; and
(b) has then transferred that legal estate or interest to the other person.
(11) If a person has a qualifying interest in a farm or a relevant farm asset because (see paragraphs (5)(d) and (6)(b)) the person is a shareholder in a proprietary company that has a legal estate or interest in the farm, or a legal interest in the relevant farm asset (as the case may be), the person is taken to have transferred to another person his or her qualifying interest in the farm or relevant farm asset only if the person:
(a) has acquired the company's legal estate or interest in the farm or the company's legal interest in the relevant farm asset; and
(b) has then transferred it to the other person.
[Index]
[Table]
[Search]
[Search this Act]
[Notes]
[Noteup]
[Previous]
[Next]
[Download]
[Help]