Document ID: chunk:federal_register_of_legislation:F2017C00283:reg:4:p2
Version: federal_register_of_legislation:F2017C00283
Segment Type: reg
Provision Reference: reg 4 (pt 2/4)
Character Range: 4719–7292

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 period; or
 (iii) an irrigation right within the meaning of the Water Act 2007; or
 (iv) a water delivery right within the meaning of the Water Act 2007; and
 (c) is held by the person wholly or mainly 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.
 (3) If the person is not a member of a couple and the total value of the water entitlement assets held by the person does not exceed $1,100,000, each of those assets is to be disregarded.
 (4) If the person is not a member of a couple and the total value of the water entitlement assets held by the person (the non-partnered water assets total) exceeds $1,100,000:
 (a) the person is taken to hold one water entitlement asset; and
 (b) the value of that asset is taken to be the amount by which the non‑partnered water assets total exceeds $1,100,000.
 (5) If the person is a member of a couple and the total value of the water entitlement assets held by the person or the person's partner does not exceed $1,100,000, each of those assets is to be disregarded.
 (6) If the person is a member of a couple and the total value of the water entitlement assets held by the person or the person's partner (the partnered water assets total) exceeds $1,100,000:
             (a) the person and the person's partner are taken to hold jointly one water entitlement asset; and
             (b) the value of that asset is taken to be the amount by which the partnered water assets total exceeds $1,100,000.

Charges and encumbrances
 (7) For the purposes of section 1121, an asset to which paragraph (1)(a) refers is to be treated as an asset to be disregarded (and an asset whose value is to be disregarded) under section 1118.
 (8) To avoid doubt, section 1121 applies to a water entitlement asset when calculating the value of the water entitlement asset for the purposes of subsection (3) or (5), a non-partnered water assets total for the purposes of subsection (4) or a partnered water assets total for the purposes of subsection (6).
 (9) Section 1121 does not apply in relation to an asset which paragraph (4)(a) or (6)(a) deems to be held.

Endnotes

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