Document ID: chunk:federal_register_of_legislation:F2024C01235:reg:13
Version: federal_register_of_legislation:F2024C01235
Segment Type: reg
Provision Reference: reg 13
Character Range: 40659–42853

13  Land entities
 (1) This section prescribes the meanings of the following for section 4 of the Act:
 (a) agricultural land corporation;
 (b) agricultural land trust;
 (c) Australian land corporation;
 (d) Australian land trust.
Note: Any of these corporations or trusts may be formed or established in or outside Australia.
 (2) A corporation (the entity) of a kind mentioned in column 1 of the table in subsection (6) is an agricultural land corporation if the value of interests in agricultural land mentioned in column 2 of the table exceeds 50% of the value of total assets mentioned in column 3 of the table.
 (3) A trust (the entity) of a kind mentioned in column 1 of the table in subsection (6) is an agricultural land trust if:
 (a) the entity is a unit trust; and
 (b) the value of interests in agricultural land mentioned in column 2 of the table exceeds 50% of the value of total assets mentioned in column 3 of the table.
 (4) A corporation (the entity) of a kind mentioned in column 1 of the table in subsection (6) is an Australian land corporation if the value of interests in Australian land mentioned in column 2 of the table exceeds 50% of the value of total assets mentioned in column 3 of the table.
 (5) A trust (the entity) of a kind mentioned in column 1 of the table in subsection (6) is an Australian land trust if:
 (a) the entity is a unit trust; and
 (b) the value of interests in Australian land mentioned in column 2 of the table exceeds 50% of the value of total assets mentioned in column 3 of the table.
 (6) The following table sets out the interests in land and total assets taken into account for land entities.
Interests of land entities
Item                        Column 1                                                                                          Column 2                                                                                                                Column 3

                            Entity                                                                                            Interests in land                                                                                                       Total assets