Foreign Acquisitions and Takeovers Regulation 2015 (Cth)

PART 2 - PROVISIONS RELATING TO DEFINITIONS AND RULES OF INTERPRETATION  

SECTION 13   LAND ENTITIES  

13(1)    
This section prescribes the meanings of the following for section 4 of the Act:

(a) agricultural land corporation ;

(b) agricultural land trust ;

(c) Australian land corporation ;

(d) Australian land trust .

Note: Any of these corporations or trusts may be formed or established in or outside Australia.

13(2)    
A corporation (the entity ) of a kind mentioned in column 1 of the table in subsection (6) is an agricultural land corporation if the value of interests in agricultural land mentioned in column 2 of the table exceeds 50% of the value of total assets mentioned in column 3 of the table.

13(3)    
A trust (the entity ) of a kind mentioned in column 1 of the table in subsection (6) is an agricultural land trust if:

(a) the entity is a unit trust; and

(b) the value of interests in agricultural land mentioned in column 2 of the table exceeds 50% of the value of total assets mentioned in column 3 of the table.

13(4)    
A corporation (the entity ) of a kind mentioned in column 1 of the table in subsection (6) is an Australian land corporation if the value of interests in Australian land mentioned in column 2 of the table exceeds 50% of the value of total assets mentioned in column 3 of the table.

13(5)    
A trust (the entity ) of a kind mentioned in column 1 of the table in subsection (6) is an Australian land trust if:

(a) the entity is a unit trust; and

(b) the value of interests in Australian land mentioned in column 2 of the table exceeds 50% of the value of total assets mentioned in column 3 of the table.

13(6)    
The following table sets out the interests in land and total assets taken into account for land entities.

Interests of land entities
Item	Column 1	Column 2	Column 3
	Entity	Interests in land	Total assets
1	An Australian entity that:	Interests in agricultural land or Australian land (as the case requires) set out in the financial statements	Total assets set out in the financial statements or other document
	(a)			is a holding entity; and
	(b)			prepares financial statements or another document in accordance with subsection 24(2) or (3)
2	Any other entity	Interests in agricultural land or Australian land (as the case requires) held by the entity or a trustee of the entity	Total assets of the entity or the trustee of the entity