Meaning of qualifying business
4 Meaning of qualifying business
A business is a qualifying business if—
the business involves growing crops that require irrigation from time to time; and
the business is not—
operated by—
an excluded entity; or
an entity owned wholly or partly by an excluded entity; or
owned wholly or partly by an excluded entity; and
the entity operating the business has an Australian Business Number for the business; and
at least 1 owner of the business spends labour on the business; and
the entity operating the business, or at least 1 owner of the business, declares assessable primary production income.
In this section—
assessable primary production income see the Income Tax Assessment Act 1997 (Cwlth), section 392-80(2).
excluded entity means each of the following entities—
an entity operating a managed investment scheme within the meaning of the Corporations Act;
a foreign company within the meaning of the Corporations Act;
a public company within the meaning of the Corporations Act;
a registrable superannuation entity within the meaning of the Superannuation Industry (Supervision) Act 1993 (Cwlth).
The statute text is free to read above. View subscription options to unlock the case-law research tools for each provision.