Commonwealth Numbered Acts Commonwealth Numbered Acts(1) An entity is a direct interest holder in relation to an asset if the entity:
(a) together with any associates of the entity, holds an interest of at least 10% in the asset (including if any of the interests are held jointly with one or more other entities); or
(b) holds an interest in the asset that puts the entity in a position to directly or indirectly influence or control the asset.
Note: For interests held by trusts, partnerships, superannuation funds and unincorporated foreign companies, see section 53A.
Exemption for moneylenders
(2) Subsection (1) does not apply to an interest in an asset held by an entity if:
(a) the entity holds the interest in the asset:
(i) solely by way of security for the purposes of a moneylending agreement; or
(ii) solely as a result of enforcing a security for the purposes of a moneylending agreement; and
(b) the holding of the interest does not put the entity in a position to directly or indirectly influence or control the asset; and
(c) if the entity is holding the interest solely by way of security--enforcing the security would not put the entity in a position to directly or indirectly influence or control the asset.
(3) A moneylending agreement is:
(a) an agreement entered into in good faith, on ordinary commercial terms and in the ordinary course of carrying on a business (a moneylending business ) of lending money or otherwise providing financial accommodation, except an agreement dealing with any matter unrelated to the carrying on of that business; or
(b) if the entity:
(i) is carrying on a moneylending business; or
(ii) is a subsidiary or holding entity of a corporate entity that is carrying on a moneylending business;
an agreement to acquire an interest arising from a moneylending agreement (within the meaning of paragraph (a)).