Document ID: chunk:federal_register_of_legislation:F2017C00283:reg:4:p1
Version: federal_register_of_legislation:F2017C00283
Segment Type: reg
Provision Reference: reg 4 (pt 1/4)
Character Range: 2404–4937

4  Modification of Part 3.12 of the Social Security Act
  Division 1 of Part 3.12 of the Social Security Act 1991, as modified by section 95 of the FHS Act, has effect for the purposes set out in section 91 of the FHS Act as if the following section were inserted after section 1118AC:

1118FHS Farm‑related assets

Application
 (1AA) This section applies in relation to a claim for farm household allowance that was made before the commencement of item 5 of Schedule 2 to the Farm Household Support Amendment Act 2017.

Interpretation
 (1AB) For subparagraph (1)(a)(i) and paragraph (2)(a), a reference to the Farm Household Support Act 2014 is a reference to that Act, disregarding the amendments made by Schedule 2 to the Farm Household Support Amendment Act 2017.

Calculation of value of person's non‑farm assets
  (1) In calculating the value of a person's non‑farm assets:
 (a) disregard the value of any asset held by the person which:
 (i) is not an asset of a kind described in paragraph 35(1)(a), (b) or (c) of the Farm Household Support Act 2014; and
 (ii) is held for the purpose of the carrying out of a farm enterprise (within the meaning of the Farm Household Support Act 2014) by the person or the person's partner and is not held, or capable of being held, for any purpose other than the carrying out of a farm enterprise; and
 (iii) is neither cash nor an amount deposited with, or lent to, a bank or financial institution; and
Example: A milk producer holds shares in a company to which they supply milk. That company is a co‑operative: to supply milk to the company, the producer must own shares in the company, and no other persons are able to hold shares in the company. In this case the asset is held by the producer solely for the purposes of carrying out a farm enterprise and is not capable of being held for any other purpose.
 (b) apply subsections (3) to (6).

Water entitlements
        (2) For subsections (3) to (6), a water entitlement asset is an asset which:
 (a) is not an asset of a kind described in paragraph 35(1)(a), (b) or (c) of the Farm Household Support Act 2014; and
 (b) is a right or entitlement to water or to its holding, access, take or other use, including:
 (i) a water access entitlement, being a perpetual or ongoing entitlement, by or under a law of a State or Territory, to exclusive access to a share of the water resources of an area in the State or Territory; or
 (ii) a water allocation, being a specific volume of water allocated to a water access entitlement in a given