Document ID: chunk:federal_register_of_legislation:C2004A01344:clause:3_49r:p2
Version: federal_register_of_legislation:C2004A01344
Segment Type: clause
Provision Reference: sch 3 cl 49R (pt 2/2)
Character Range: 67755–68838

the person had not entered into the transaction or transactions (the unreduced value);
then, the total net value of the farm, or farms, and relevant farm assets is taken to be an amount equal to the unreduced value.

Life interest retained in principal home on farm

 (5) If:
 (a) a person transfers eligible interests that the person has in a farm by way of gift; and
 (b) the person retains a freehold estate, a leasehold interest or a life interest in the dwelling‑house on the farm, and the adjacent private land, that constitute the person's principal home;
then:
 (c) for the purposes of subsections 49Q(1) and (2), the person is taken to have transferred the whole of his or her eligible interest in the farm by way of gift; and
 (d) in assessing the market value of the farm for the purposes of subsection (1), the value of the dwelling‑house and the adjacent private land is not to be included.

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

Subdivision B—Modification of provisions relating to assets test