Document ID: chunk:federal_register_of_legislation:C2005C00508:clause:1_1208u:p1
Version: federal_register_of_legislation:C2005C00508
Segment Type: clause
Provision Reference: sch 1 cl 1208U (pt 1/3)
Character Range: 77638–80344

1208U  Concessional primary production trusts

 (1) For the purposes of this Part, a trust is a concessional primary production trust in relation to an individual at a particular time (the test time), if:
 (a) at the test time, the trust is a controlled private trust in relation to the individual; and
 (b) at the test time, either:
 (i) the trust carries on a primary production enterprise (the first primary production enterprise); or
 (ii) the trust makes an asset available to another entity, the other entity carries on a primary production enterprise (the first primary production enterprise), and the asset is used by the other entity wholly or principally for the purposes of carrying on the first primary production enterprise; and
 (c) at the test time, more than 70% of the net value of the assets of the trust (excluding the net value of the principal home of the individual if that principal home is owned by the trust) relates to assets used wholly or principally for the purposes of carrying on a primary production enterprise; and
 (d) at the test time, the sum of:
 (i) the total adjusted net value of assets that are owned or controlled by the individual and used wholly or principally for the purposes of carrying on a primary production enterprise; and
 (ii) the total adjusted net value of assets that are owned or controlled by the individual's spouse and used wholly or principally for the purposes of carrying on a primary production enterprise;
  is less than the primary production attribution threshold (as defined by subsection (6)); and
 (e) if:
 (i) the individual or the individual's spouse had adjusted net primary production income for the last tax year that ended before the test time; and
 (ii) the individual or the individual's spouse had adjusted net primary production income for the tax year that preceded the tax year first referred to in subparagraph (i); and
 (iii) the individual or the individual's spouse had adjusted net primary production income for the tax year that preceded the tax year first referred to in subparagraph (ii);
  the average of the following amounts is less than the amount specified in clause 19 of Schedule 1 to the A New Tax System (Family Assistance) Act 1999 (subject to any indexation under Schedule 4 to that Act):
 (iv) the total adjusted net primary production income of the individual and the individual's spouse for the tax year referred to in subparagraph (i);
 (v) the total adjusted net primary production income of the individual and the individual's spouse for the tax year first referred to in subparagraph (ii);
 (vi) the total adjusted net primary production income of the individual and the individual's spouse for the