Foreign Acquisitions and Takeovers Act 1975

PART 1 - PRELIMINARY  

Division 2 - Definitions  

Subdivision B - Some defined terms and rules of interpretation  

SECTION 8   MEANING OF AUSTRALIAN BUSINESS  

8(1)    
An Australian business is a business that is carried on wholly or partly in Australia in anticipation of profit or gain.

8(2)    
For the purposes of this Act, a person who has an interest in a mining or production tenement is, as a result of having that interest, taken to carry on a business in Australia of exploiting that tenement in anticipation of profit or gain. The tenement is taken to be an asset of that business.

8(3)    

Without limiting subsection (1), a business is taken to be an Australian business for the purposes of this Act if:

(a)    the business is carried on wholly or partly in Australia, whether or not in anticipation of profit or gain, by:

(i) the Commonwealth, a State, a Territory or a local governing body; or

(ii) a body corporate established for a public purpose by or under a law of the Commonwealth, a State or a Territory; or

(iii) an entity wholly owned by the Commonwealth, a State, a Territory, a local governing body or a body corporate covered by subparagraph (ii); and

(b)    the business would, or could, be carried on in anticipation of profit or gain if it were carried on by someone other than:

(i) a body referred to in subparagraph (a)(i) or (ii); or

(ii) an entity referred to in subparagraph (a)(iii); or

(iii) a foreign government; or

(iv) a separate government entity.