Document ID: chunk:federal_register_of_legislation:C2004A01344:clause:3_49q:p1
Version: federal_register_of_legislation:C2004A01344
Segment Type: clause
Provision Reference: sch 3 cl 49Q (pt 1/3)
Character Range: 58594–61251

49Q  Division to apply to certain transfers of estates in sugarcane farms etc.

 (1) Subject to subsections (3) and (4), this Division applies to a person if:
 (a) at any time after the RASF commencement day but before the applicable cut‑off date, the person, being then a qualifying sugarcane farmer, transferred by way of gift to one, or more than one, eligible descendant (either solely to the eligible descendant or jointly to him or her and his or her partner):
 (i) his or her eligible interest in the sugarcane farm or sugarcane farms in which he or she had such an interest; and
 (ii) all the eligible interests that he or she had in relevant sugarcane farm assets; and
 (b) the person, or (if the person is a member of a couple) the person or his or her partner:
 (i) has reached retirement age; or
 (ii) will reach retirement age before the RASF closing day; and
 (c) the total net value (calculated in accordance with section 49R) of the sugarcane farm or sugarcane farms, and the relevant sugarcane farm assets, in which the person had eligible interests does not exceed $500,000; and
 (d) during the last 3 years before the transfer was completed, the eligible descendant or each of the eligible descendants:
 (i) had been actively involved with the sugarcane farm or any of the sugarcane farms; or
 (ii) would, in the opinion of the Commission, have been so involved but for exceptional circumstances beyond his or her control; and
 (e) if the person is a member of a couple—the person's partner does not have an eligible interest in any sugarcane farm or relevant sugarcane farm asset; and
 (f) the person satisfies the sugarcane farmers' income test for the purposes of this Division.

Note 1: For eligible descendant see subsection 5P(1).

Note 2: For eligible interest, qualifying sugarcane farmer, relevant sugarcane farm asset, sugarcane farm and transfer, see subsection 5PAA(1).

Note 3: For retirement age see subsection 5Q(1).

Note 4: For actively involved with a sugarcane farm see subsection (5).

Note 5: For the total net value of a sugarcane farm, or sugarcane farms, and relevant sugarcane farm assets see section 49R.

Note 6: For the sugarcane farmers' income test see section 49Y.

 (2) Subject to subsections (3) and (4), this Division also applies to a person if:
 (a) at any time after the RASF commencement day but before the applicable cut‑off date, the person, being then an eligible former partner of a qualifying sugarcane farmer, transferred by way of gift to one, or more than one, eligible descendant of the farmer (either solely to the eligible descendant or jointly to him or her and his or her partner):
 (i)