15Anomalous circumstances payment right

15  Anomalous circumstances payment right  (2) The first objective is that an entity is not eligible for the grant of an anomalous circumstances payment right unless:  (a) the entity did not pass the standard DSAP test; and  (b) the entity held an eligible interest in a dairy farm enterprise during the whole or a part of the 1998‑1999 financial year; and  (c) under the scheme, the entity is taken to have been affected by anomalous circumstances. Standard DSAP test  (3) For the purposes of this clause, an entity passes the standard DSAP test if, and only if:  (a) the entity held an eligible interest in a dairy farm enterprise at 6.30 pm on 28 September 1999; and  (b) either or both of the following conditions are satisfied:  (i) during the 1998‑1999 financial year, the dairy farm enterprise delivered market milk;  (ii) during the 1998‑1999 financial year, the dairy farm enterprise delivered manufacturing milk. Discretionary grant  (4) The second objective is that the grant of an anomalous circumstances payment right is to be at the discretion of the DAA. 16  $350,000 cap  (2) The objective is that the total face value of payment rights granted to an entity in respect of a particular dairy farm enterprise must not exceed $350,000 unless a person who, under the scheme, is taken to be a qualified financial adviser certifies in writing that, to the best of the adviser’s knowledge and belief:  (a) the entity has given the adviser full access to the entity’s accounts and financial records; and  (b) the entity passes the 70% dairy income test. 70% dairy income test  (3) For the purposes of this clause, an entity passes the 70% dairy income test if, and only if:  (a) more than 70% of the total gross income derived by the entity in the 1998‑1999 financial year consisted of eligible dairy income; or  (b) more than 70% of the total gross income derived by the entity in the period comprising:  (i) the 1998‑1999 financial year; and  (ii) the 1997‑1998 financial year; and  (iii) the 1996‑1997 financial year;   consisted of eligible dairy income. Gross income  (4) For the purposes of subclause (3), the gross income derived by an entity is to be worked out in accordance with:  (a) generally accepted accounting principles; or  (b) if, under the scheme, the generally accepted accounting principles are taken to be modified for the purposes of the scheme—those principles as so modified. Eligible dairy income  (5) For the purposes of this clause, eligible dairy income means:  (a) proceeds from the sale of market milk; and  (b) proceeds from the sale of manufacturing milk; and  (c) proceeds from the sale or lease of dairy cattle; and  (d) dividends payable in respect of shares in bodies that, under the scheme, are taken to be eligible dairy cooperatives; and  (e) dividends payable in respect of shares in companies that, under the scheme, are taken to be eligible dairy companies;  (f) an amount that, under the scheme, is taken to be the income test value of a bonus share issued by a company that, under the scheme, is an eligible dairy cooperative;  (g) an amount that, under the scheme, is taken to be the income test value of a bonus share issued by a company that, under the scheme, is an eligible dairy company. Shares issued in lieu of payment for the sale of milk  (6) For the purposes of this clause, if a share in a body or company that, under the scheme, is taken to be:  (a) an eligible dairy cooperative; or  (b) an eligible dairy company; is issued to a shareholder in the cooperative or company in lieu of a particular payment for the sale of market milk or manufacturing milk:  (c) the shareholder is taken to have derived an amount, by way of proceeds from the sale of that milk, equal to the amount of that payment; and  (d) those proceeds are taken to be gross income according to generally accepted accounting principles. Bonus shares  (7) For the purposes of this clause, if a bonus share in a body or company that, under the scheme, is taken to be:  (a) an eligible dairy cooperative; or  (b) an eligible dairy company; is issued to a shareholder in the cooperative or company:  (c) the shareholder is taken to have derived an amount of income equal to the amount that, under the scheme, is the income test value of the bonus share; and  (d) that amount of income is taken to be gross income according to generally accepted accounting principles. False or misleading statements in certificates  (8) For the purposes of clause 50, a statement made in a certificate of a kind referred to in subclause (2) of this clause is taken to be made to a person who was exercising powers, or performing functions, under or in connection with the DSAP scheme. Note: Clause 50 deals with false or misleading statements.  (9) For the purposes of clause 134, a statement made in a certificate of a kind referred to in subclause (2) of this clause is taken to be a statement made in connection with a claim for a payment right. Note: Clause 134 deals with false or misleading statements. 17  Farm business assessment  (2) The first objective is that an entity is not eligible for the grant of a payment right unless:  (a) the entity has complied with such rules as are set out in the scheme in relation to the carrying out of a farm business assessment by a person who, under the scheme, is taken to be a qualified financial adviser; or  (b) a person who, under the scheme, is taken to be a qualified financial adviser has certified in writing that the entity has complied with such rules as are set out in the scheme in relation to the carrying out by the entity of a farm business assessment; or  (c) under the scheme, the entity is exempt from carrying out a farm business assessment. Note: For example, the DSAP scheme may provide that an entity who has exited the dairy industry is exempt from carrying out a farm business assessment. Compliance after making claim  (3) The second objective is that an entity is not to be prevented from making a claim for the grant of a payment right at a time when the entity has not complied with requirements mentioned in subclause (2), so long as those requirements are complied with before the time ascertained in accordance with the scheme. False or misleading statements in certificates  (4) For the purposes of clause 50, a statement made in a certificate of a kind referred to in paragraph (2)(b) of this clause is taken to be made to a person who was exercising powers, or performing functions, under or in connection with the DSAP scheme. Note: Clause 50 deals with false or misleading statements.  (5) For the purposes of clause 134, a statement made in a certificate of a kind referred to in paragraph (2)(b) of this clause is taken to be a statement made in connection with a claim for a payment right. Note: Clause 134 deals with false or misleading statements.