Document ID: chunk:federal_register_of_legislation:C2004A01344:clause:1_1185t
Version: federal_register_of_legislation:C2004A01344
Segment Type: clause
Provision Reference: sch 1 cl 1185T
Character Range: 28911–31286

1185T  Transfer of estate in sugarcane farm etc. not disposal of an asset

 (1) If this Part applies to a person because of subsection 1185R(1), then, subject to subsections (4) and (6):
 (a) the transfer by the person of his or her eligible interest in a sugarcane farm or in a relevant sugarcane farm asset is taken not to be a disposal of an asset (within the meaning of section 1123); and
 (b) if the person's partner has also transferred by way of gift to an eligible descendant of the person any eligible interest in a sugarcane farm or in a relevant sugarcane farm asset, that transfer is taken not to be a disposal of an asset (within the meaning of section 1123).

 (2) If this Part applies to a person because of subsection 1185R(2), then, subject to subsections (5) and (6), the transfer by the person of his or her eligible interest in a sugarcane farm or in a relevant sugarcane farm asset is taken not to be a disposal of an asset (within the meaning of section 1123).

 (3) To avoid doubt, subsections (1) and (2) have effect despite sections 1208L and 1208M.

 (4) If:
 (a) the applicable cut‑off date in relation to the transfer referred to in paragraph (1)(a) was the RASF closing day; and
 (b) when the transfer was completed neither the person making the transfer nor his or her partner had reached pension age;
subsection (1) only applies after one of them reaches that age.

 (5) If:
 (a) the applicable cut‑off date in relation to the transfer referred to in subsection (2) was the RASF closing day; and
 (b) when the transfer was completed the person making the transfer had not reached pension age;
subsection (2) only applies after the person reaches that age.

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

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

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

 (6) Disregard subsections (1) and (2) when working out a rate for the purposes of Division 6 of Part 2.2A.

Note: Part 2.2A provides for the payment of a pension bonus to a person who qualifies for an age pension if the person has deferred claiming that pension for a period of at least one year and the person, or the person's partner, has worked gainfully during that period.

Division 3—Requests for increase in rate of social security payment