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10.3.16 Primary Production Private Trust & Company Issues - From 01/01/2002
In this section
This section contains information on the assessment and treatment of the assets and income from primary production private trusts and private companies from 1 January 2002. It also contains information on the concession available to attributable stakeholders of primary production trusts who wish to retire from the primary production business (trust) while retaining a right of veto in order to prevent the sale or break-up of the primary production assets.
An asset means any property, including property outside Australia.
According to section 5H of the VEA income is:
- an amount earned, derived or received by a person for the person's own use or benefit;
- a periodical payment by way of gift or allowance; or
- a periodical benefit by way of gift or allowance.
Primary production means:
- production resulting directly from the cultivation of land,
- the maintenance of animals or poultry for the purpose of selling them or their bodily produce, including natural increase,
- fishing operations, or
- forest operations,
- and includes the manufacture of dairy produce by the persons who produced the raw material used in that manufacture.
According to section 52ZZJ of the VEA, a person is an attributable stakeholder if a company or trust is a controlled private company or trust in relation to the individual unless the Commission determines otherwise.