Farm Household Support (Non-farm Assets) Minister’s Rule 2016
I, Barnaby Joyce, Minister for Agriculture and Water Resources, make the following rule for the purposes of section 92 of the Farm Household Support Act 2014.
Dated 5 May 2016
Barnaby Joyce
Deputy Prime Minister
Minister for Agriculture and Water Resources
This rule is the Farm Household Support (Non-farm Assets) Minister’s Rule 2016.
This rule commences on the day after it is registered.
This rule is made under the Farm Household Support Act 2014 (the FHS Act).
4 Modification of section 1118 of the Social Security Act 1991
Section 1118 of the Social Security Act 1991, as modified by section 95 of the FHS Act, has effect for the purposes set out in section 91 of the FHS Act as if the following paragraph were inserted after paragraph 1118(1)(v):
(va) the value of any asset held by the person which:
(i) is not an asset of a kind described in paragraph 35(1)(a), (b) or (c) of the Farm Household Support Act 2014; and
(ii) is held 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 and is not held, or capable of being held, for any purpose other than the carrying out of a farm enterprise; and
(iii) is neither cash nor an amount deposited with, or lent to, a bank or financial institution.
Example: A milk producer holds shares in a company to which they supply milk. That company is a co‑operative: to supply milk to the company, the producer must own shares in the company, and no other persons are able to hold shares in the company. In this case the asset is held by the producer solely for the purposes of carrying out a farm enterprise and is not capable of being held for any other purpose.