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Qualifying Interest
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.
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.
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