Document ID: chunk:federal_register_of_legislation:C2024C00844:section:8
Version: federal_register_of_legislation:C2024C00844
Segment Type: section
Provision Reference: s 8
Character Range: 55390–56746

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