(1) The regulations may make provision for or in relation to prohibiting or regulating the entering into of transactions, where:
(i) one of the parties to the transaction is a resident of Australia; and
(ii) the other party, or any of the other parties, is a resident of a prescribed foreign country; or
(i) one of the parties to the transaction enters into the transaction in the course of carrying on an activity or business at or through a permanent establishment of the party in Australia; and
(ii) the other party, or any of the other parties, is a resident of a prescribed foreign country; or
(i) one of the parties to the transaction is a resident of Australia; and
(ii) the other party, or any of the other parties, is a corporation incorporated in a prescribed foreign country; or
(i) one of the parties to the transaction enters into the transaction in the course of carrying on an activity or business at or through a permanent establishment of the party in Australia; and
(ii) the other party, or any of the other parties, is a corporation incorporated in a prescribed foreign country; or
(i) one of the parties to the transaction is a resident of Australia; and
(ii) the other party, or any of the other parties, is an individual who is physically present in a prescribed foreign country; or
(i) one of the parties to the transaction enters into the transaction in the course of carrying on an activity or business at or through a permanent establishment of the party in Australia; and
(ii) the other party, or any of the other parties, is an individual who is physically present in a prescribed foreign country.
Note: For resident , see section 14.
(2) Regulations made for the purposes of subsection (1):
(a) may be of general application; or
(b) may be limited by reference to any or all of the following:
(i) a specified transaction;
(iii) a specified prescribed foreign country.
Note 1: For specification by class, see subsection 13(3) of the Legislation Act 2003 .
Note 2: For consultation requirements, see section 17 of the
Legislation Act 2003 .