Foreign Acquisitions and Takeovers Regulation 2015 (Cth)
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 |
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