Document ID: chunk:federal_register_of_legislation:C2004A01344:clause:1_17b:p3
Version: federal_register_of_legislation:C2004A01344
Segment Type: clause
Provision Reference: sch 1 cl 17B (pt 3/4)
Character Range: 7196–9783

interest in the farm; or
 (d) the person is a shareholder in a proprietary company that has a legal estate or interest in the farm; or
 (e) the value of the person's assets includes an amount calculated (in accordance with section 1208E) by reference to the value of the farm.

Note: The eligible interest in a sugarcane farm that is relevant for the operation of Part 3.14B is the interest held by a person immediately before that interest is transferred to an eligible descendant. So, for example, to find out whether an interest is covered by paragraph (e), the provisions of Part 3.18 must be applied in relation to the person's circumstances as they were immediately before the transfer.

 (6) A person has an eligible interest in a relevant sugarcane farm asset if:
 (a) the person has a legal interest in the relevant farm asset; or
 (b) the person is a shareholder in a proprietary company that has a legal estate or interest in the relevant farm asset; or
 (c) the value of the person's assets includes an amount calculated (in accordance with section 1208E) by reference to the value of the relevant farm asset.

Note: The eligible interest in a relevant sugarcane farm asset that is relevant for the operation of Part 3.14B is the interest held by a person immediately before that interest is transferred to an eligible descendant. So, for example, to find out whether an interest is covered by paragraph (c), the provisions of Part 3.18 must be applied in relation to the person's circumstances as they were immediately before the transfer.

 (7) Subject to subsections (8), (10), (11) and (12), an eligible interest that a person has in a sugarcane farm is transferred to another person if, and only if, the eligible interest:
 (a) ceases to be vested in the person; and
 (b) becomes vested in the other person.

 (8) To avoid any doubt, it is stated that if a person who transfers a legal estate or interest in a sugarcane farm to another person is, under a relevant State land law, registered as being the proprietor (whether that word or any other word is used) of that estate or interest, the legal estate or interest in the farm is taken not to have become vested in the other person unless and until the transfer is registered in accordance with that law.

Note: For relevant State land law see subsection 17A(1).

 (9) Subject to subsections (11) and (12), an eligible interest that a person has in a relevant sugarcane farm asset is transferred to another person if, and only if, the eligible interest:
 (a) ceases to be vested in the person; and
 (b) becomes vested