Document ID: chunk:federal_register_of_legislation:C2004A01344:clause:1_1185y:p3
Version: federal_register_of_legislation:C2004A01344
Segment Type: clause
Provision Reference: sch 1 cl 1185Y (pt 3/3)
Character Range: 38389–40560

(d)—the person's ordinary income from farming for the financial year is a negative income;
 (f) if paragraph (e) does not apply—the person's ordinary income from farming for the financial year is a positive income.

Person's maximum basic rate for age pension

 (4) For the purposes of Step 4 in the Method statement in subsection (1), the maximum basic rate for age pension applicable to the person is:
 (a) if the person was a member of a couple at any time during the 3 years immediately before the applicable completion day—an amount equal to twice the sum of:
 (i) the amount that was, on the applicable completion day, the maximum basic rate for a partnered person under Module B of Pension Rate Calculator A in section 1064; and
 (ii) the amount that was, on the applicable completion day, the person's pension supplement worked out under point 1064‑BA2; or
 (b) if paragraph (a) does not apply—an amount equal to the sum of:
 (i) the amount that was, on the applicable completion day, the maximum basic rate for a person who is not a member of a couple under Module B of Pension Rate Calculator A in section 1064; and
 (ii) the amount that was, on the applicable completion day, the person's pension supplement worked out under point 1064‑BA2.

Definitions

 (5) In this section:

applicable completion day, in relation to a transfer, means the earlier of:
 (a) the day on which the transfer was completed; and
 (b) the RASF closing day.

income, in relation to a person, has the same meaning as in subsection 8(1), except that, in addition to any amount that is not income of the person because of subsection 8(4), (5), (7A) or (8), any payment to the person under:
 (a) the Veterans' Entitlements Act; or
 (b) the Farm Household Support Act 1992;
is not income of the person for the purposes of this section.

ordinary income from farming, in relation to a person who has an eligible interest in a sugarcane farm or sugarcane farms, means the ordinary income of the person from:
 (a) the sugarcane farm, or sugarcane farms, and any relevant sugarcane farm assets; and
 (b) any other farm, or farms, or relevant farm assets in which the person has an interest.