Foreign Investment Reform (Protecting Australia's National Security) Act 2020 (114 of 2020)

Schedule 1 Main amendments

Add:

(3) Without limiting subsection (1), a business is taken to be an Australian business for the purposes of this Act if:

(a) the business is carried on wholly or partly in Australia, whether or not in anticipation of profit or gain, by:

(i) the Commonwealth, a State, a Territory or a local governing body; or

(ii) a body corporate established for a public purpose by or under a law of the Commonwealth, a State or a Territory; or

(iii) an entity wholly owned by the Commonwealth, a State, a Territory, a local governing body or a body corporate covered by subparagraph (ii); and

(b) the business would, or could, be carried on in anticipation of profit or gain if it were carried on by someone other than:

(i) a body referred to in subparagraph (a)(i) or (ii); or

(ii) an entity referred to in subparagraph (a)(iii); or

(iii) a foreign government; or

(iv) a separate government entity.