4.6.7.100 Notional Ordinary Income - Net Value of a Farm

Net value of a person's farm

The net value of a person's farm is the value of:

  • the farm, PLUS
  • the land, improvements, livestock plant and machinery, MINUS
  • encumbrances (1.1.E.108).

The farm value does NOT include the value of a person's:

  • principal home, AND
  • household contents and personal effects (1.1.P.235), AND
  • motor vehicle.

Act reference: SSAct section 11A(1) Principal home

Policy reference: SS Guide 4.1 Deprivation of Income & Assets, 4.6.6.30 Encumbrances & loans against assets, 4.7 Business Structures, Primary Production & pre-01/01/2002 Assessment of Trusts & Private Companies

Last reviewed: 1 July 2015