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Exemptions in the Regulations apply to foreign government investors unless foreign government investors have been specifically excluded. Means a foreign person, except an individual not ordinarily resident in Australia, carrying on a business in Australia or elsewhere. Note: In certain circumstances, an associate of a foreign person may be taken to be a foreign person even if the associate is not a foreign person see Subsection 54 7 of the Foreign Acquisitions and Takeovers Act Note: For other rules relating to interests in a security, asset, trust or Australian land, see Section 13 to 15 of the Foreign Acquisitions and Takeovers Act Two or more persons that hold property jointly so that each owns an undivided share of the whole.
Should one person die, their interest would pass to the surviving co-owner or co-owners. Means an agricultural land corporation, an agricultural land trust, an Australian land corporation or an Australian land trust. Means a dwelling except commercial residential premises that will be, is being or has been built on residential land and that:. Note: For when a dwelling is sold, see subsections 15 4 and 5 of the Foreign Acquisitions and Takeovers Act Has the same meaning as in the Income Tax Assessment Act Has the same meaning as in the Aged Care Act Note 1: See also sections 17 meanings of interest and aggregate interest of a specified percentage in an entity and 18 rules relating to determining percentages of interests in entities of the Foreign Acquisitions and Takeovers Act Note 2: For when a person acquires a substantial interest in an entity, see section 20 of the Foreign Acquisitions and Takeovers Act Means one who holds property in common with another person or persons so that each has a portion of interest in the whole property.
On death, this portion of interest passes to an heir or devisee who then becomes a tenant in common with the surviving co-owner or co-owners. Note: For components of a wind or solar power station that are taken to be a part of the power station for the purposes of that Act, see clause 8 or 10 of Schedule 1 to the Renewable Energy Electricity Regulations Note: See also sections 17 meanings of interest and aggregate interest of a specified percentage in an entity and 18 rules relating to determining percentages of interests in entities in the Foreign Acquisitions and Takeovers Act See Section 4 of Foreign Acquisitions and Takeovers Act Agribusiness An Australian entity or Australian business is an agribusiness in the circumstances prescribed by the regulations see Section 5 of the Foreign Acquisitions and Takeovers Act Agricultural Land Means land in Australia that is used, or that could reasonably be used, for a Primary production business.
Asset Includes an interest in an asset. Australian business An Australian business is a business that is carried on wholly or partly in Australia in anticipation of profit or gain. For the purposes of the Foreign Acquisitions and Takeovers Act , a person who has an interest in a mining or production tenement is, as a result of having that interest, taken to carry on a business in Australia of exploiting that tenement in anticipation of profit or gain.
The tenement is taken to be an asset of that business. Australian entity Means an Australian corporation or an Australian unit trust. Australian land Means agricultural Land , commercial land , residential land or mining or production tenement. Commercial land Means land in Australia or the seabed of the offshore area, other than land: used wholly and exclusively for a primary production business ; or on which there is at least one dwelling except commercial residential premises ; or on which the number of dwellings except commercial residential premises that could reasonably be built is less than the number prescribed by the regulations for the purposes of subparagraph a ii of the definition of residential land in Section 4 of the Foreign Acquisitions and Takeovers Act Constituent document Means an entity means any rules or other document constituting or establishing the entity or governing its activities, and includes: for a corporation—the constitution of the corporation; and for a unit trust—the trust deed for the trust.
This section does not apply in relation to an action to which either of the following provisions apply: section 10 of the Foreign Acquisitions and Takeovers Imposition Fees Act fees for internal reorganisations ; section 12 of the Foreign Acquisitions and Takeovers Fees Imposition Regulation internal reorganisations by foreign government investors involving tenements. Educational institution Has the same meaning as in the Student Assistance Act Established dwelling Means a dwelling except commercial residential premises on residential land that is not a new dwelling.
Foreign business person Means a foreign person, except an individual not ordinarily resident in Australia, carrying on a business in Australia or elsewhere. Foreign person Foreign person means: an individual not ordinarily resident in Australia; or a corporation in which an individual not ordinarily resident in Australia, a foreign corporation or a foreign government holds a substantial interest ; or a corporation in which 2 or more persons, each of whom is an individual not ordinarily resident in Australia, a foreign corporation or a foreign government, hold an aggregate substantial interest ; or the trustee of a trust in which an individual not ordinarily resident in Australia, a foreign corporation or a foreign government holds a substantial interest ; or the trustee of a trust in which 2 or more persons, each of whom is an individual not ordinarily resident in Australia, a foreign corporation or a foreign government, hold an aggregate substantial interest; or f a foreign government; or g any other person, or any other person that meets the conditions, prescribed by the regulations.
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