Document ID: chunk:federal_register_of_legislation:C2004A00588:clause:1_16
Version: federal_register_of_legislation:C2004A00588
Segment Type: clause
Provision Reference: sch 1 cl 16
Character Range: 5885–6667

16  Subsection 66(5) (definition of business real property)
Repeal the definition, substitute:

business real property, in relation to an entity, means:
 (a) any freehold or leasehold interest of the entity in real property; or
 (b) any interest of the entity in Crown land, other than a leasehold interest, being an interest that is capable of assignment or transfer; or
 (c) if another class of interest in relation to real property is prescribed by the regulations for the purposes of this paragraph—any interest belonging to that class that is held by the entity;
where the real property is used wholly and exclusively in one or more businesses (whether carried on by the entity or not), but does not include any interest held in the capacity of beneficiary of a trust estate.