Document ID: chunk:federal_register_of_legislation:C2004A01344:clause:3_49y:p3
Version: federal_register_of_legislation:C2004A01344
Segment Type: clause
Provision Reference: sch 3 cl 49Y (pt 3/3)
Character Range: 79343–81567

the Income Tax Assessment Act 1997; and
 (iii) contributions that are allowable deductions under sections 82AAC, 82AAD, 82AADA and 82AAF of the Income Tax Assessment Act 1936;
 (g) if a negative result is obtained after applying paragraphs (e) and (f)—the person's ordinary income from farming for the financial year is a negative income;
 (h) if paragraph (g) 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 service pension

 (4) For the purposes of Step 4 in the Method statement in subsection (1), the maximum basic rate for age service 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—the sum of:
 (i) an amount equal to twice the amount that was, on the applicable completion day, the maximum basic rate for a partnered person under point SCH6‑B1; and
 (ii) an amount equal to twice the pension supplement under Module BA in Schedule 6; or
 (b) otherwise—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 point SCH6‑B1; and
 (ii) the pension supplement under Module BA in Schedule 6.

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 5H(1), except that, in addition to any amount that is not income of the person because of subsection 5H(4), (5) or (8), any payment to the person under:
 (a) the AUSTUDY scheme; or
 (b) the Social Security Act; or
 (c) 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.