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Continuous period of 15 years qualifying interest
The 15 year qualifying interest period must have been continuous.
If a person has bought and sold a series of farms, where there were any periods during which they did not hold a qualifying interest in a farm, they will not satisfy the test.
Documents such as title deeds for the previously owned farms should be obtained to verify that there have been no gaps in farm ownership. In these situations, it may be easier for the person to satisfy the 20 year invovlement in farming test.
A farmer holds a qualifying interest in a farm if they:
- have legal ownership of the farm land;
- hold a pastoral lease over the farm land;
- hold an equitable interest in general law land which is mortgaged; or
- are a sharefarmer in a private company that owns or holds a pastoral lease over the farm land.
Refer to section 5P(5) of the VEA for the full definition.
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