Document ID: chunk:federal_register_of_legislation:C2007A00060:clause:1_3
Version: federal_register_of_legislation:C2007A00060
Segment Type: clause
Provision Reference: sch 1 cl 3
Character Range: 1713–2628

3  Subsection 3(2) (definition of exempt assets)
Repeal the definition, substitute:

exempt assets means:
 (a) if a person is a farmer:
 (i) any right or interest of the person in the land used for the purposes of the farm enterprise in relation to which the person is a farmer; and
 (ii) any farm plant and machinery, farm livestock or other asset essential for the effective running of the farm enterprise; and
 (iii) any rights of the person under an insurance policy in relation to the person's life or under a superannuation scheme; and
 (b) if a person carries on a small business:
 (i) any right or interest of the person in land used for the purposes of the business; and
 (ii) any plant and machinery, stock or other asset essential for the effective running of the business; and
 (iii) any rights of the person under an insurance policy in relation to the person's life or under a superannuation scheme.