(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.