Victorian Current Acts Victorian Current Acts(1) The concession and exemption under this Division are subject to the requirements in this section (the primary production requirement ).
(2) If the transferee of the dutiable property is a young farmer or a nominee for a young farmer, by the end of the relevant period the young farmer—
(a) must carry on the business of primary production on the farmland; and
(b) must normally be engaged in a substantially full-time capacity in that business.
(3) If the transferee of the dutiable property is a company (not acting in the capacity of a trustee under a trust), by the end of the relevant period—
(a) the principal business of the company must be primary production on the farmland; and
(b) the young farmer must normally be engaged in a substantially full-time capacity in that business.
(4) If the transferee of the dutiable property is a trustee under a trust, by the end of the relevant period—
(a) the principal business of the trust must be primary production on the farmland; and
(b) the young farmer must normally be engaged in a substantially full-time capacity in that business.
(5) In this section—
"relevant period" means the period of 5 years from the date the transferee entered the contract for the transfer of the dutiable property.
S. 69AD inserted by No. 28/2011 s. 19.