(1) For the purposes of working out the value of a person's assets under this Act, if:
(a) the person is:
(i) a primary producer; or
(ii) a family member of a primary producer; and
(b) the person has assets (including real property) that are, in the Secretary's opinion, used for the purposes of carrying on that primary production; and
(c) the person also has liabilities that are, in the Secretary's opinion, related to the carrying on of the primary production;
(d) section 1121 does not apply in relation to the assets referred to in paragraph (b); and
(e) those assets are taken to be a single asset (in this section called the primary production asset ); and
(f) the value of that single asset is worked out under subsection (2).
Note: For family member see subsection 23(1).
(2) The value of a person's primary production asset is worked out in the following way:
(3) If the result under Step 3 of the Method statement is less than nil, the value of the primary production asset is taken to be nil.