sec.53Land used for primary production

sec.53 Land used for primary production

This section applies to land, or a part of land, that is used solely for the business of primary production, but only if the land or the part of land is used for an activity prescribed by regulation that is carried on for the business. The land, or the part of the land, is exempt land if it is owned by any of the following— an individual, other than a trustee or absentee; a trustee of a trust, if all beneficiaries of the trust are persons mentioned in paragraph (a) , (c) or (d) ; a relevant proprietary company; a charitable institution. For this section, if part of the land is exempt land, the commissioner must apportion the taxable value of the land between use for a purpose mentioned in subsection (1) and use for any other purpose. This section does not apply to land owned by the manager of a time-sharing scheme. In this section— beneficiary includes a beneficiary in the first instance and a beneficiary through a series of trusts. exempt foreign company see the Corporations Act , section 9 . proprietary company see the Corporations Act , section 9 . relevant proprietary company means a proprietary company— that is not an exempt foreign company; and in which no share or interest is held, whether directly or through interposed companies or trusts, by a body corporate other than a proprietary company that is not an exempt foreign company. s 53 amd 2018 No. 12 s 13 (sec.53-ssec.1) This section applies to land, or a part of land, that is used solely for the business of primary production, but only if the land or the part of land is used for an activity prescribed by regulation that is carried on for the business. (sec.53-ssec.2) The land, or the part of the land, is exempt land if it is owned by any of the following— an individual, other than a trustee or absentee; a trustee of a trust, if all beneficiaries of the trust are persons mentioned in paragraph (a) , (c) or (d) ; a relevant proprietary company; a charitable institution. (sec.53-ssec.3) For this section, if part of the land is exempt land, the commissioner must apportion the taxable value of the land between use for a purpose mentioned in subsection (1) and use for any other purpose. (sec.53-ssec.4) This section does not apply to land owned by the manager of a time-sharing scheme. (sec.53-ssec.5) In this section— beneficiary includes a beneficiary in the first instance and a beneficiary through a series of trusts. exempt foreign company see the Corporations Act , section 9 . proprietary company see the Corporations Act , section 9 . relevant proprietary company means a proprietary company— that is not an exempt foreign company; and in which no share or interest is held, whether directly or through interposed companies or trusts, by a body corporate other than a proprietary company that is not an exempt foreign company.

• (a) an individual, other than a trustee or absentee;