Document ID: chunk:federal_register_of_legislation:C2004A01344:clause:3_49q:p3
Version: federal_register_of_legislation:C2004A01344
Segment Type: clause
Provision Reference: sch 3 cl 49Q (pt 3/3)
Character Range: 63483–65323

the farm or any of the farms.

Note 1: For eligible descendant see subsection 5P(1).

Note 2: For eligible interest, relevant sugarcane farm asset, sugarcane farm and transfer see subsection 5PAA(1).

 (4) This Division does not apply to the person (the transferor) if:
 (a) the eligible interest, or any part of the eligible interest, that was transferred is an interest that the transferor had in a sugarcane farm, or sugarcane farms, or any relevant sugarcane farm asset because the value of the transferor's assets included an amount calculated by reference to the value of the farm, or farms, or relevant farm asset (see paragraphs 5PAA(5)(e) and (6)(c)); and
 (b) immediately after the transfer to the eligible descendant, or eligible descendants, referred to in paragraph (1)(a) or (2)(a) (as the case may be), the eligible interest, or any part of the eligible interest, transferred was held by a trust that was a concessional primary production trust in relation to the transferor.

Note 1: For eligible descendant see subsection 5P(1).

Note 2: For eligible interest, relevant sugarcane farm asset and sugarcane farm see subsection 5PAA(1).

Note 3: For the transfer of eligible interests that are such interests because of paragraphs 5PAA(5)(e) and (6)(c) see subsection 5PAA(12).

Note 4: For concessional primary production trust see section 52ZZZF.

 (5) For the purposes of paragraphs (1)(d) and (2)(d), a person is taken to have been actively involved with a sugarcane farm during a particular period if, during that period, the person:
 (a) has contributed a significant part of his or her labour to the development of the sugarcane farm; or
 (b) has undertaken educational studies or training in a field that, in the opinion of the Commission, is relevant to the development or management of the sugarcane farm enterprise.