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Identifying Date of Transfer
Date of transfer is date legal title passed
The date that transfer of a farm is effected is the date that legal title is passed. This is shown on the certificate of title.
The earliest possible date that a farmer could be considered for eligibility under RAFS was the date of transfer of the legal title to the land.
Date of transfer where series of transactions involved
A farm maybe transferred through a series of transactions (for example, farm land, then business equipment, then livestock, etc). Where this occurred the effective date of transfer under RAFS was the date of transfer of legal title to the land. The date of transfer of legal title to the land was usually the later date.
Transfer of equitable interest separate to transfer of title
Where a farmer transferred farm property and other chattels on a particular date, they would have disposed their equitable interest but not the legal title.
Transfer of legal title is a separate transaction involving registration with the Land Titles Office within the relevant State or Territory.
In some cases, transfer of legal title could have occurred at a much later date than transfer of equitable interest.
According to subsection 5P(1) of the VEA, a farm means any land that is used:
- For the purposes of a farm enterprise; or
- In connection with a farm enterprise.