Farm Household Support Minister’s Rule 2014 (Cth)
made under the
This is a compilation of the
The notes at the end of this compilation (the
The effect of uncommenced amendments is not shown in the text of the compiled law. Any uncommenced amendments affecting the law are accessible on the Legislation Register ( The details of amendments made up to, but not commenced at, the compilation date are underlined in the endnotes. For more information on any uncommenced amendments, see the series page on the Legislation Register for the compiled law.
If the operation of a provision or amendment of the compiled law is affected by an application, saving or transitional provision that is not included in this compilation, details are included in the endnotes.
For more information about any editorial changes made in this compilation, see the endnotes.
If the compiled law is modified by another law, the compiled law operates as modified but the modification does not amend the text of the law. Accordingly, this compilation does not show the text of the compiled law as modified. For more information on any modifications, see the series page on the Legislation Register for the compiled law.
If a provision of the compiled law has been repealed in accordance with a provision of the law, details are included in the endnotes.
Contents
This rule is the
Farm Household Support Minister’s Rule 2014 .
This rule is made under the
Farm Household Support Act 2014 .
In this rule:
Act means theFarm Household Support Act 2014 .
amount , of the loss from a farm business, has the meaning given by subsection 7B(4).
directly related , in relation to a business that is a farm enterprise, has the meaning given by subsection 7B(2).
farm business has the meaning given by subsection 7B(1).
income , from a farm business, has the meaning given by subsection 7B(5).
operates at a loss , in relation to a farm business, has the meaning given by subsection 7B(3).
reductions , for a farm business, has the meaning given by subsection 7B(6).
For the purposes of section 67 of the Act, this Part applies if a farm business operates at a loss for a tax year.
Note: For
farm business andoperates at a loss , see section 7B.
The ordinary incomes of the person who carries on the farm business, and the person’s partner (if any), for the tax year are to be reduced by the amount of the loss, subject to the limits set out in section 7A.
Note: For the
amount of the loss, see section 7B.
(1) The total amount of the loss used to reduce the ordinary incomes of the person, and the person’s partner (if any), must not exceed $100,000.
Example: If the person has a partner, and the ordinary income of the person has been reduced by $60,000, the ordinary income of the person’s partner must not be reduced by more than $40,000.
(2) Neither the person’s, nor the person’s partner’s, ordinary income may be reduced below zero.
Farm businesses carried on with other persons (3) If the farm business is carried on with other persons, the other persons’ portions of the loss must not be used to reduce the ordinary incomes of the persons mentioned in section 7.
(1) A
farm business :(a) is a business that is a farm enterprise; and
(b) includes any directly related business.
(2) A business is
directly related to a business that is a farm enterprise if the operation of both businesses relies to a large extent on the use of shared equipment or other shared physical assets.(3) A farm business
operates at a loss for a tax year if the income from the farm business for the tax year is less than the reductions for the farm business for the tax year.(4) The
amount of the loss is the difference between the income and the reductions.(5) The
income from a farm business for a tax year is:(a) the ordinary income for a person from the farm business for the tax year worked out under Part 3.10 of the Social Security Act assuming the person were the only person carrying on the farm business; but
(b) without any reductions under Division 1A of that Part.
(6) The
reductions for a farm business for a tax year are the reductions that would be made from a person’s ordinary income from the farm business for the tax year under Division 1A of Part 3.10 of the Social Security Act assuming:(a) the person were the only person carrying on the farm business; and
(b) the income from the farm business for the tax year exceeded the reductions.
For the purposes of paragraph 82(1)(a) of the Act, the maximum amount of activity supplement is $10,000.
Note: Subsection 82(1) of the Act provides that the amount of activity supplement payable to a person for an activity is the lowest of the following amounts:
(a) the maximum amount prescribed by this rule;
(b) the sum of the cost of the activity and the reasonable costs of travel or accommodation or both that are incurred in connection with the activity;
(c) the remaining balance of the person’s activity supplement.
For paragraph 89(a) of the Act, $1 500 is the maximum amount of farm financial assessment supplement.
Note: The amount of farm financial assessment supplement is the lesser of the maximum amount prescribed by these rules and the cost of the farm financial assessment—see section 89 of the Act.
The endnotes provide information about this compilation and the compiled law.
The following endnotes are included in every compilation:
Endnote 1—About the endnotes
Endnote 2—Abbreviation key
Endnote 3—Legislation history
Endnote 4—Amendment history
The abbreviation key sets out abbreviations that may be used in the endnotes.
Amending laws are annotated in the legislation history and amendment history.
The legislation history in endnote 3 provides information about each law that has amended (or will amend) the compiled law. The information includes commencement details for amending laws and details of any application, saving or transitional provisions that are not included in this compilation.
The amendment history in endnote 4 provides information about amendments at the provision (generally section or equivalent) level. It also includes information about any provision of the compiled law that has been repealed in accordance with a provision of the law.
The
If the compilation includes editorial changes, the endnotes include a brief outline of the changes in general terms. Full details of any changes can be obtained from the Office of Parliamentary Counsel.
A misdescribed amendment is an amendment that does not accurately describe the amendment to be made. If, despite the misdescription, the amendment can be given effect as intended, the amendment is incorporated into the compiled law and the abbreviation “(md)” added to the details of the amendment included in the amendment history.
If a misdescribed amendment cannot be given effect as intended, the abbreviation “(md not incorp)” is added to the details of the amendment included in the amendment history.
ad = added or inserted | o = order(s) |
am = amended | Ord = Ordinance |
amdt = amendment | orig = original |
c = clause(s) | par = paragraph(s)/subparagraph(s) |
C[x] = Compilation No. x | /sub‑subparagraph(s) |
Ch = Chapter(s) | pres = present |
def = definition(s) | prev = previous |
Dict = Dictionary | (prev…) = previously |
disallowed = disallowed by Parliament | Pt = Part(s) |
Div = Division(s) | r = regulation(s)/rule(s) |
ed = editorial change | reloc = relocated |
exp = expires/expired or ceases/ceased to have | renum = renumbered |
effect | rep = repealed |
F = Federal Register of Legislation | rs = repealed and substituted |
gaz = gazette | s = section(s)/subsection(s) |
LA = | Sch = Schedule(s) |
LIA = | Sdiv = Subdivision(s) |
(md) = misdescribed amendment can be given | SLI = Select Legislative Instrument |
effect | SR = Statutory Rules |
(md not incorp) = misdescribed amendment | Sub‑Ch = Sub‑Chapter(s) |
cannot be given effect | SubPt = Subpart(s) |
mod = modified/modification | |
No. = Number(s) | commenced or to be commenced |
Farm Household Support Minister’s Rule 2014 | 10 June 2014 (F2014L00687) | 1 July 2014 (s 2) | |
Farm Household Support Minister’s Amendment Rule 2015 | 8 Dec 2015 (F2015L01948) | 9 Dec 2015 (s 2(1) item 1) | — |
Farm Household Support Amendment (Activity Supplement) Minister’s Rule 2018 | 17 July 2018 (F2018L01035) | 1 Aug 2018 (s 2(1) item 1) | — |
Farm Household Support Amendment (Relief Measures) Act (No. 1) 2019 | 104, 2019 | 28 Nov 2019 | Sch 2 (items 2, 3): 16 Dec 2019 (s 2(1) item 1) | — |
Farm Household Support Amendment (Relief Measures) Act (No. 2) 2019 | 117, 2019 | 11 Dec 2019 | Sch 3 (items 11–13) and Sch 4 (items 3, 4): 11 June 2020 (s 2(1) item 1) | Sch 3 (item 13) and Sch 4 (item 4) |
s 2............................................. | rep LIA s 48D |
s 4............................................. | am Act No 104, 2019; Act No 117, 2019 |
s 5............................................. | rep Act No 117, 2019 |
Part 2......................................... | rs Act No 104, 2019 |
s 6............................................. | rs Act No 104, 2019 |
s 7............................................. | rs Act No 104, 2019 |
s 7A........................................... | ad Act No 104, 2019 |
s 7B........................................... | ad Act No 104, 2019 |
s 8............................................. | rs F2015L01948 |
am F2018L01035 | |
rs Act No 117, 2019 |
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