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REGISTER OF FOREIGN OWNERSHIP OF WATER OR AGRICULTURAL LAND ACT 2015 - SECT 4

Definitions

                   In this Act:

"agricultural land" means land in Australia that is used, or that could reasonably be used, for a primary production business.

Note:          The rules may provide that land is not agricultural land (see section 5).

"Australia" , when used in a geographical sense, includes the external Territories.

"Australian water access entitlement" means a perpetual or ongoing entitlement, by or under a law of a State or Territory, to exclusive access to a share of the water resources of an area in the State or Territory.

"cease" :

                     (a)  in relation to holding a freehold interest in, or a right to occupy, agricultural land--has a meaning affected by section 6; or

                     (b)  in relation to holding a registrable water entitlement or a contractual water right--has a meaning affected by section 6A.

"Commissioner" means the Commissioner of Taxation.

"contract" includes a deed.

"contractual water right" of a person means a contractual right that the person holds (alone or jointly) to all or part of another person's:

                     (a)  registrable water entitlement; or

                     (b)  water allocation; or

                     (c)  right of a kind specified in the rules.

"foreign person" has the same meaning as in the Foreign Acquisitions and Takeovers Act 1975 .

"freehold interest" of a person in land means a legal interest in an estate in fee simple in the land that the person holds (alone, as a tenant in common or as a joint tenant).

"land" includes a building or a part of a building.

"lease" includes a sublease.

"primary production business" has the same meaning as in the Income Tax Assessment Act 1997 .

"registrable water entitlement" has the meaning given by section 5A.

"registration trigger time" :

                     (a)  in relation to a right held by a person to occupy land under a lease or licence--means the latest of the following times:

                              (i)  the time the person started to hold the right;

                             (ii)  the time the person became a foreign person;

                            (iii)  the time the land became agricultural land;

                            (iv)  the start of 1 July 2015; or

                     (b)  in relation to a contractual water right held by a person--means the latest of the following times:

                              (i)  the time the person started to hold the right;

                             (ii)  the time the person became a foreign person;

                            (iii)  the start of 1 December 2017.

"rules" means rules made under section 35.

"start" :

                     (a)  in relation to holding a freehold interest in, or a right to occupy, land--has a meaning affected by section 6; or

                     (b)  in relation to holding a registrable water entitlement or a contractual water right--has a meaning affected by section 6A.

"water allocation" means the specific volume of water allocated to an Australian water access entitlement in a given period.

"water resource" means:

                     (a)  surface water or ground water; or

                     (b)  a watercourse, lake, wetland or aquifer (whether or not it currently has water in it).

An expression used in this definition that is also used in the Water Act 2007 has the same meaning as in that Act.



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