Foreign Acquisitions and Takeovers Act 1975
View history note
Hide history noteAn 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
(b) the business would, or could, be carried on in anticipation of profit or gain if it were carried on by someone other than:
(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
(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.
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