17Farm business assessment

17 Farm business assessment

(1) An entity is not eligible for the grant of a payment right in respect of a dairy farm enterprise unless:

(a) a qualified financial adviser has carried out a farm business assessment for the dairy farm enterprise that complies with the rules in subsection (2) and signed a certificate, in the approved form, declaring that it has done so; or

(b) the entity has carried out a farm business assessment for the dairy farm enterprise and a qualified financial adviser has signed a certificate, in the approved form, declaring that the assessment complies with the rules in subsection (2); or

(c) the entity is an exempt entity.

(2) The rules are:

(a) a farm business assessment in relation to a dairy farm enterprise must be carried out by the entity or by a qualified financial adviser; and

(b) whether a farm business assessment is carried out by the entity or a qualified financial adviser, the assessment must be in writing and set out at least each of the following in relation to the dairy farm enterprise:

(i) a summary of forecast annual income and expenditure of the enterprise for 1999/2000 and 2000/2001 using a range of milk projections; and

(ii) a summary of forecast assets and liabilities (balance sheet) of the enterprise as at 30 June 2000 and 30 June 2001; and

(c) a certificate by a qualified financial adviser, in the approved form, declaring that a farm business assessment has been carried out (see paragraph (1) (a) or (b)) is received by the DAA.

(2A) An entity that is required to comply with the rules in subsection (2) to be eligible for the grant of a payment right is not prevented from making a claim for the grant of a payment right at a time when the entity has not complied with those rules, so long as those rules are complied with before the end of 12 months after the end of the DSAP claim period.

(3) If an entity is in a partnership in relation to a dairy farm enterprise, the entity is taken to have complied with the rules in subsection (2) in relation to the enterprise if 1 or more of the other partners complies with those rules in relation to the enterprise.

(3A) To avoid doubt, for an entity who complies with the rules in subsection (2) before the commencement of the Dairy Structural Adjustment Program Scheme Amendment 2000 (No. 8), the time by which those rules must be complied with is and is taken always to have been the time at which it complied with those rules.

(4) In this section:

exempt entity, in relation to a dairy farm enterprise, means:

(a) a trustee of the estate of an entity who had an eligible interest in the enterprise at 6.30 pm on 28 September 1999; or