Farm or business – special rule for calculating equity
Farm or business – special rule for calculating equity
If the person applying for the grant of legal assistance has a farm or business which is their main source of income, Victoria Legal Aid (VLA) will use Table 4 to calculate the maximum amount of equity in the farm or business which VLA may exclude from the total value of the person’s assets.
Table 4 – Calculating a person’s equity in a farm or business
| Circumstances of person applying for a grant of legal assistance | Maximum amount of equity that may be excluded from the value of assets |
|---|---|
| The person does not have a financially associated person (FAP), but does have equity in a home which is not included in the value of the farm or business. | $161,500 |
| The person does not have an FAP, and does not have equity in a home other than the one included in the value of the farm or business. | $278,500 |
| The person’s shares equity in a home not included in the value of the farm or business with an FAP. | $229,000 |
| The person shares equity only in a home included in the value of the farm or business with an FAP. | $336,500 |