Document ID: chunk:federal_register_of_legislation:C2004A03762:body:0:p3
Version: federal_register_of_legislation:C2004A03762
Segment Type: other
Provision Reference: 
Character Range: 5489–8435

estate in which 2 or more persons, each of whom is either a natural person not ordinarily resident in Australia or a foreign corporation, hold an aggregate substantial interest.".

Interpretation
6. Section 5 of the Principal Act is amended:
     (a) by omitting "or" (last occurring) from paragraph (b) of the definition of "foreign person" in subsection (1);
     (b) by adding at the end of the definition of "foreign person" in subsection (1) the following paragraphs:
        "(d) the trustee of a trust estate in which a natural person not ordinarily resident in Australia or a foreign corporation holds a substantial interest; or
         (e) the trustee of a trust estate in which 2 or more persons, each of whom is either a natural person not ordinarily resident in Australia or a foreign corporation, hold an aggregate substantial interest;";
     (c) by omitting from subsection (1) the definition of "mineral right" and substituting the following definition:
         " 'mineral right' means:
            (a) a right (however described) under a law of the Commonwealth or of a State or Territory to recover minerals, other than a right to recover minerals for the purposes of prospecting or exploring for minerals;
            (b) a lease by virtue of which the lessee has a right falling within paragraph (a); or
            (c) an interest in a right falling within paragraph (a) or in a lease falling within paragraph (b);";
     (d) by omitting from subsection (1) the definitions of "non-trading company" and "person";
     (e) by inserting in subsection (1) the following definitions:
         " 'Australian rural land' means land situated in Australia that is used wholly and exclusively for carrying on a business of primary production;

         'Australian urban land' means land situated in Australia that is not Australian rural land;
         'Australian urban land corporation' means a corporation to which section 13c applies;
         'Australian urban land trust estate' means a trust estate to which section 13d applies;
         'interest in Australian urban land' has the meaning given by section 12a;
         'land' includes a building or other structure, or a part of a building or other structure;
         'lease' includes a sub-lease;
         'primary production' has the same meaning as in the Income Tax Assessment Act 1936";
     (f) by inserting after paragraph (3) (a) the following paragraph:
         "(aa) a reference to a person proposing to acquire an interest in Australian urban land includes:
            (i) a reference to a person making an offer to acquire such an interest;
            (ii) a reference to a person making or publishing a statement, however expressed, that expressly or impliedly invites a holder of such an interest to offer to dispose of that interest; and
            (iii) a reference to a person taking part in, or proposing to take part in, negotiations with a view to