Corporations Amendment (Stamping Fee Exemption) Regulations 2020 (F2020L00834)

Schedule 1   Amendments

Corporations Regulations 2001

2   Subsection 7.7A.12B(2)

Insert:

infrastructure assets means any of the following:

(a) airports;

(b) electricity generation, transmission or distribution facilities;

(c) gas transmission or distribution facilities;

(d) hospitals;

(e) ports;

(f) prisons;

(g) railways;

(h) roads;

(i) sewerage facilities;

(j) telecommunication facilities;

(k) water supply facilities.

infrastructure entity means a company or managed investment scheme whose main purpose is to operate or invest in infrastructure assets.

interest , in a company or managed investment scheme, does not include a stapled real estate or infrastructure interest in the company or managed investment scheme.

passive investments , in relation to a company, means any of the following:

(a) shares, units, options, rights or similar interests;

(b) financial instruments (such as loans, debts, debentures, bonds, promissory notes, futures contracts, forward contracts, currency swap contracts and a right or option in respect of a share, security, loan or contract);

(c) an asset whose main use by the company in the course of carrying on its business is to derive interest, an annuity, rent, royalties or foreign exchange gains unless:

(i) the asset is an intangible asset and has been substantially developed, altered or improved by the company so that its market value has been substantially enhanced; or

(ii) its main use for deriving rent was only temporary;

(d) goodwill.

real estate investment trust means a managed investment scheme whose main purpose is to invest in real property.

stapled real estate or infrastructure interest : an interest is a stapled real estate or infrastructure interest if:

(a) the interest is an interest in a company or managed investment scheme; and

(b) the interest can only be transferred together with one or more other interests in one or more companies, managed investment schemes or other entities; and

(c) the companies, managed investment schemes or other entities mentioned in paragraphs (a) and (b) are engaging in activities together for the main purpose of:

(i) investing in real property; or

(ii) operating or investing in infrastructure assets.