Document ID: chunk:federal_register_of_legislation:F2024L01212:reg:5
Version: federal_register_of_legislation:F2024L01212
Segment Type: reg
Provision Reference: reg 5
Character Range: 2667–4058

5  Definitions
Note: A number of expressions used in this instrument are defined in the Act, including the following:
(a) farm asset;
(b) farm enterprise;
(c) Social Security Act.
 (1) In this instrument:
Act means the Farm Household Support Act 2014.
overall operating loss: see subsection 7(1).
related business, of a farm enterprise, has the meaning given by subsection (2).
 (2) A business is a related business of a farm enterprise if:
 (a) the business is carried on principally for the purpose of providing goods or services within any of the agricultural, horticultural, pastoral, apicultural or aquacultural industries; and
 (b) the business is carried on, or effectively controlled, by a person who is:
 (i) a farmer in relation to the farm enterprise; or
 (ii) a partner of such a farmer; and
 (c) any of the following applies:
 (i) the business provides goods or services to the farm enterprise;
 (ii) the farm enterprise provides goods or services to the business;
 (iii) the business uses farm assets of the farm enterprise in the conduct of the business;
 (iv) the business acquires products of the farm enterprise for sale, use in manufacture, distribution or processing;
 (v) the farm enterprise acquires products of the business for sale, use in manufacture, distribution or processing.

Part 2—Rate of farm household allowance—allowable deductions from ordinary income