Commonwealth Numbered Regulations Commonwealth Numbered RegulationsNote: A number of expressions used in this instrument are defined in the Act, including the following:
(a) asset;
(b) Australian business;
(c) Australian land;
(d) entity;
(e) foreign person;
(f) interest;
(g) security;
(h) share.
In this instrument:
"acquire " an interest of a specified percentage in a business has the meaning given by section 6.
"Act " means the Foreign Acquisitions and Takeovers Act 1975 .
"ADI " has the same meaning as in the Banking Act 1959 .
Note: ADI is short for authorised deposit-taking institution.
"agreement country " means any of the following countries:
(a) the United States of America;
(b) New Zealand;
(c) Chile;
(d) Japan;
(e) the Republic of Korea.
"agreement country investor " means an entity (within the ordinary meaning of the term) that is an enterprise or a national of an agreement country (other than a foreign government investor).
"agribusiness " : see section 12.
Note: Agribusiness is defined in section 4 of the Act.
"agricultural land corporation " has the meaning given by subsection 13(2).
"agricultural land trust " has the meaning given by subsection 13(3).
"Australian and New Zealand Standard Industrial Classification Codes " means the Australian and New Zealand Standard Industrial Classification Codes, as in force from time to time, published by the Australian Bureau of Statistics.
"Australian land corporation " has the meaning given by subsection 13(4).
"Australian land trust " has the meaning given by subsection 13(5).
"Australian media business " means an Australian business of publishing daily newspapers, or broadcasting television or radio, in Australia (including on websites from which all or part of those newspapers or broadcasts may be accessed).
"class value " has the meaning given by subsections 21(3) and (5).
"consideration " has a meaning affected by subsection 14(2).
"consideration for the acquisition or issue " of a class of securities has the meaning given by subsection 21(4).
"direct interest " in an entity or business has the meaning given by section 16.
"enterprise " of a country has the meaning given by section 7.
"excluded provisions " has the meaning given by section 28.
"existing value " has the meaning given by subsection 53(6).
"exploration tenement " means any of the following:
(a) a right (however described) under a law of the Commonwealth, a State or a Territory to recover minerals (such as coal or ore), oil or gas in Australia or from the seabed or subsoil of the offshore area for the purposes of prospecting or exploring for minerals, oil or gas;
(b) a right that preserves a right mentioned in paragraph (a);
(c) a lease under which the lessee has a right mentioned in paragraph (a) or (b);
(d) an interest in a right mentioned in paragraph (a) or (b) or under a lease mentioned in paragraph (c).
"foreign government investor " has the meaning given by section 17.
"GDP implicit price deflator value " has the meaning given by subsection 53(6).
"general insurer " has the meaning given by the Insurance Act 1973 .
"general partner " means a partner of a limited partnership whose liability relating to the partnership is not limited.
"government authority " has the meaning given by subsection 44(3).
"interest " : a person holds an interest of a specified percentage in a business if the value of the interests in assets of the business held by the person, alone or together with one or more associates of the person, is that specified percentage of the value of the total assets of the business.
Note 1: See also the definition in this section of acquire an interest of a specified percentage in a business.
Note 2: A percentage may be specified by referring to:
(a) "20%"; or
(b) "any percentage"; or
(c) a "direct interest"; or
(d) a percentage that a person holds in other assets.
"land entity " means an agricultural land corporation, an agricultural land trust, an Australian land corporation or an Australian land trust.
"life company " has the meaning given by the Life Insurance Act 1995 .
"limited partner " means a partner of a limited partnership whose liability relating to the partnership is limited.
"limited partnership " means an association of persons that:
(a) was formed solely for the purposes of becoming a partnership where the liability of at least one partner relating to the partnership is limited; and
(b) is recognised under a law of the Commonwealth, a State, a Territory, a foreign country or a part of a foreign country as such a partnership.
"mining operation " has the meaning given by subparagraph 44(4)(b)(ii).
"mining, production or exploration entity " means an entity where the total value of legal or equitable interests in tenements held by the entity, or any subsidiary of the entity, exceeds 50% of the total asset value for the entity.
"moneylending agreement " means:
(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; and
(b) for a person carrying on a moneylending business, or a subsidiary or holding entity of a person carrying on a moneylending business--an agreement to acquire an interest arising from a moneylending agreement (within the meaning of paragraph (a)).
"most recent financial statement " has the meaning given by subsection 23(2).
"national " of a country has the meaning given by section 8.
"public infrastructure " means:
(a) an airport or airport site (within the meaning of the Airports Act 1996 ); or
(b) a port (within the meaning of the Maritime Transport and Offshore Facilities Security Act 2003 ); or
(c) infrastructure for public transport (whether or not the infrastructure is operated or owned by a Commonwealth, State or Territory body); or
(d) a system or facility that is used to provide any of the following services to the public:
(i) the generation, transmission, distribution or supply of electricity;
(ii) the supply of gas;
(iii) the storage, treatment or distribution of water;
(iv) the treatment of sewage.
"public utility " means a body that provides any of the following products or services, or any similar products or services, to the public:
(a) reticulated products or services, such as electricity, gas, water, sewerage or drainage;
(b) telecommunication services;
(c) transport services.
"relevant agreement country investor " means an entity (within the ordinary meaning of the term) that is an enterprise or national of:
(a) the United States of America; or
(b) New Zealand; or
(c) Chile;
(other than a foreign government investor).
"relevant subsidiary of an entity (the higher entity" ) means an entity that is:
(a) a subsidiary of the higher entity; and
(b) either:
(i) for a corporation--a relevant entity that is carrying on an Australian business; or
(ii) for a unit trust--a relevant entity the trustee of which holds assets of an Australian business.
"resident trust " means a trust that is taken to be a resident trust estate under subsection 95(2) of the Income Tax Assessment Act 1936 .
"sensitive business " : see section 22.
Note: Sensitive business is defined in section 26 of the Act.
"starts an Australian business " has the meaning given by section 10.
"tenement " means an exploration tenement or a mining or production tenement.
Note: Although an agreement giving rights that form the basis of a tenement may be any duration, the duration of the agreement must be at least 5 years for an interest in the agreement to be an interest in Australian land. (See the definitions of exploration tenement in this section, and mining or production tenement and interest in Australian land in sections 4 and 12 of the Act.)
"total asset value " has the meaning given by section 20.
"total earnings " has the meaning given by subsection 12(2).
"vacant " : land is vacant if there is no substantive permanent building on the land that can be lawfully occupied by persons, goods or livestock.