Policy

Forgone wages

Forgone wages are not considered to represent an interest and cannot reduce the value of the transferred assets. However, a transfer completed prior to 29 April 2004 in recognition of forgone wages will be allowed as an interest in the assets. For example, a retiring sugarcane farmer has sugarcane assets worth $700,000. His son has worked on the farm many years and has accrued forgone wages worth $250,000. A share of the farm is transferred on 15 April 2004 representing that amount.

This chapter outlines the eligibility requirements and general information for fringe benefits.

This section contains information on:

• how a person made a claim to participate in RAFS, and
• the impact of the date of transfer of the farm property on reassessment of the person's rate of pension.

Last amended: 22 April 2014

Pension bonus impact

The [glossary:pension bonus scheme:673] (PBS) is designed to encourage a person to defer retirement. Contrary to this, the retirement assistance for farmers scheme (RAFS) encourages farmers to retire. Special rules apply to farmers registered under the pension bonus scheme, who subsequently apply for RAFS. These special rules are designed to allow them to utilise the benefits of both schemes.

This section outlines policy concerning the application of the $500,000 assets limit that applies to [glossary:sugarcane farm:618] assets transferred under RASF. It also covers policy concerning assessment of the value of sugarcane farm assets for the purposes of RASF.

Who is an accruing member?

Last amended: 22 April 2014

This section outlines the affecting calculation of a bonus.

This chapter outlines the eligibility requirements and payment arrangements for Remote Area Allowance ([glossary:RAA:680][glossary:):].

This chapter contains the following sections:

See Also