Document ID: chunk:federal_register_of_legislation:C2023C00380:clause:2_547g
Version: federal_register_of_legislation:C2023C00380
Segment Type: clause
Provision Reference: sch 2 cl 547G
Character Range: 165425–166708

547G  How business assets are treated
 (1) If (and only if) paragraph 547D(c) applies in working out the value of the assets of a person, assets of a business are treated in accordance with subsections (2) and (3). For this purpose, a business includes:
 (a) the carrying on of primary production; and
 (b) the provision of professional services.
 (2) Subject to subsection (3), 50% of the value of a person's interest in the assets of a business is disregarded if the person, or his or her partner, is wholly or mainly engaged in the business and the business:
 (a) is owned by the person; or
 (b) is carried on by a partnership of which the person is a member; or
 (c) is carried on by a company of which the person is a member; or
 (d) is carried on by the trustee of a trust in which the person is a beneficiary.
 (3) Subsection (2) does not apply to assets of a business that are of any of the following kinds:
 (a) cash on hand, bank deposits, bank bonds, or similar readily realisable assets;
 (b) shares in companies, or rights in relation to shares;
 (c) rights to deal in real or personal property;
 (d) assets leased out by the business, unless leasing is a major activity of the business;
 (e) assets used for private or domestic purposes by the owners of the business.