Document ID: chunk:federal_register_of_legislation:C2004A01344:clause:1_1185r:p2
Version: federal_register_of_legislation:C2004A01344
Segment Type: clause
Provision Reference: sch 1 cl 1185R (pt 2/3)
Character Range: 21114–23803

partner of a qualifying sugarcane farmer, transferred by way of gift to one, or more than one, eligible descendant of the farmer (either solely to the eligible descendant or jointly to him or her and his or her partner):
 (i) his or her eligible interest in the sugarcane farm or sugarcane farms in which he or she had such an interest; and
 (ii) all the eligible interests that he or she had in relevant sugarcane farm assets; and
 (b) the person has reached pension age or will reach pension age before the RASF closing day; and
 (c) the total net value (calculated in accordance with section 1185S) of the sugarcane farm or sugarcane farms, and the relevant sugarcane farm assets, in which the person had eligible interests does not exceed $500,000; and
 (d) during the last 3 years before the transfer was completed, the eligible descendant or each of the eligible descendants:
 (i) had been actively involved with the sugarcane farm or any of the sugarcane farms; or
 (ii) would, in the opinion of the Secretary, have been so involved but for exceptional circumstances beyond his or her control; and
 (e) the person satisfies the sugarcane farmers' income test for the purposes of this Part.

Note 1: For eligible descendant see subsection 17A(1).

Note 2: For eligible former partner of a qualifying sugarcane farmer, eligible interest, relevant sugarcane farm asset, sugarcane farm and transfer see subsection 17B(1).

Note 3: For pension age see subsection 23(1).

Note 4: For actively involved with a sugarcane farm see subsection (5).

Note 5: For the total net value of a sugarcane farm, or sugarcane farms, and relevant sugarcane farm assets see section 1185S.

Note 6: For the sugarcane farmers' income test see section 1185Y.

 (3) This Part does not apply to the person if:
 (a) immediately before the transfer, the eligible descendant, or one of the eligible descendants, referred to in paragraph (1)(a) or (2)(a) (as the case may be) had an eligible interest in:
 (i) the sugarcane farm or one of the sugarcane farms referred to in subparagraph (1)(a)(i) or (2)(a)(i); or
 (ii) any relevant sugarcane farm asset; and
 (b) the eligible descendant had acquired the eligible interest in the farm, or in the relevant farm asset, after 29 April 2004; and
 (c) the consideration, or part of the consideration, for the interest so acquired was the wages forgone by the eligible descendant while he or she was working as an employee on the farm or any of the farms.

Note 1: For eligible descendant see subsection 17A(1).

Note 2: For eligible interest, relevant sugarcane farm asset, sugarcane farm and transfer see subsection 17B(1).

 (4) This Part does not apply to the person