sch.64-sec.4Meaning of qualifying business

### sch.64-sec.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) . (sch.64-sec.4-ssec.1) 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. (sch.64-sec.4-ssec.2) 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) . - (a) the business involves growing crops that require irrigation from time to time; and - (b) the business is not— (i) operated by— (A) an excluded entity; or (B) an entity owned wholly or partly by an excluded entity; or (ii) owned wholly or partly by an excluded entity; and - (i) operated by— (A) an excluded entity; or (B) an entity owned wholly or partly by an excluded entity; or - (A) an excluded entity; or - (B) an entity owned wholly or partly by an excluded entity; or - (ii) owned wholly or partly by an excluded entity; and - (c) the entity operating the business has an Australian Business Number for the business; and - (d) at least 1 owner of the business spends labour on the business; and - (e) the entity operating the business, or at least 1 owner of the business, declares assessable primary production income. - (i) operated by— (A) an excluded entity; or (B) an entity owned wholly or partly by an excluded entity; or - (A) an excluded entity; or - (B) an entity owned wholly or partly by an excluded entity; or - (ii) owned wholly or partly by an excluded entity; and - (A) an excluded entity; or - (B) an entity owned wholly or partly by an excluded entity; or - (a) an entity operating a managed investment scheme within the meaning of the Corporations Act ; - (b) a foreign company within the meaning of the Corporations Act ; - (c) a public company within the meaning of the Corporations Act ; - (d) a registrable superannuation entity within the meaning of the Superannuation Industry (Supervision) Act 1993 (Cwlth) .