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Schedule 2—Assets test

Schedule 2 Assets test

   

Farm Household Support Act 2014

1  Sections 33 and 34

Repeal the sections, substitute:

33   Assets value limit

                   Farm household allowance is not payable to a person if the sum of the value of the person’s farm assets and of the value of the person’s non-farm assets exceeds $5.5 million.

2  At the end of Subdivision A of Division 6 of Part 2

Add:

36A   Valuing a water entitlement right

                   If, in working out the value of a person’s farm assets, the value of a right or interest in land used wholly or mainly for the purposes of a farm enterprise includes the value of a water entitlement right that is used or held wholly or mainly for the purposes of that farm enterprise, then the value of that water entitlement right is to be disregarded in working out the value of the person’s farm assets referred to in paragraph 35(2)(c).

3  Subsection 93(1) (table item 26)

Omit “sections 33 and 34”, substitute “Subdivision A of Division 6 of Part 2”.

4  Subsection 93(1) (table item 28)

Omit “tests in sections 33 and 34”, substitute “test in section 33”.

5  Subsection 93(1) (table item 29)

Repeal the item.

6  Application provision

The amendments made by this Schedule apply in relation to working out whether farm household allowance is payable for days on or after the commencement of this item.