Commonwealth Consolidated Acts Commonwealth Consolidated Acts(1) A farm asset is any asset that is used or held wholly or mainly for the purposes of a farm enterprise, but does not include the following:
(a) cash;
(b) money on deposit with an authorised deposit - taking institution within the meaning of the Banking Act 1959 ;
(c) a farm management deposit within the meaning of the Income Tax Assessment Act 1997 ;
(d) an asset of a kind prescribed by the Minister's rules.
(2) Without limiting subsection (1), each of the following is a farm asset :
(a) a right or interest in land used wholly or mainly for the purposes of a farm enterprise;
(b) a right or interest in livestock, crop, plant or equipment that:
(i) is produce of a farm enterprise; or
(ii) is used wholly or mainly for the purposes of a farm enterprise;
other than any livestock, crop, plant or equipment leased out by the farm enterprise;
(c) a water entitlement right that is used or held wholly or mainly for the purposes of a farm enterprise;
(d) so much of a loan to which subsection (2A) applies as:
(i) is used to purchase a thing covered by subsection (1) or paragraph (a), (b) or (c) of this subsection; and
(ii) remains unpaid.
(2A) This subsection applies to a loan at a particular time if:
(a) it was made by a beneficiary of a trust to the trustee of the trust, or by a shareholder of a company to the company; and
(b) the outstanding amount of the principal of the loan exceeds, at that time, the total value of all the financial investments:
(i) the trustee has in the capacity of trustee; or
(ii) the company has.
(3) A non - farm asset is an asset other than a farm asset.
Note 1: A farm management deposit (within the meaning of the Income Tax Assessment Act 1997 ) is an example of a non - farm asset.
Note 2: The value of the person's principal home (if any) is not counted for the purposes of this Subdivision because of Division 1 of Part 3.12 of the Social Security Act.