Document ID: chunk:federal_register_of_legislation:C2004A03762:body:0:p6
Version: federal_register_of_legislation:C2004A03762
Segment Type: other
Provision Reference: 
Character Range: 13070–15602

in Australian urban land; or
     (c) the interest is an increase in the amount of an existing interest of the person in Australian urban land.
"(4) For the purposes of this Act, where a person:
     (a) enters into an agreement; or
     (b) acquires an option;
to acquire an interest in Australian urban land, the person shall be taken to have acquired that interest in Australian urban land.
"(5) For the purposes of this Act, a person shall be taken not to acquire an interest in Australian urban land if the person acquires the interest:
     (a) solely to hold as security for the purposes of a moneylending agreement; or
     (b) by way of enforcement of a security held solely for the purposes of a moneylending agreement.
"(6) For the purposes of this Act, a person shall be taken not to acquire an interest in Australian urban land if the person acquires the interest by will or by devolution by operation of law.

"(7) A reference in this Act to the acquisition of an interest in Australian urban land does not include a reference to the acquisition of an interest in Australian urban land from:
     (a) the Commonwealth, a State or a Territory;
     (b) a corporation constituted for a public purpose by a law of the Commonwealth or of a State or Territory; or
     (c) a local governing body.
"(8) Where the regulations provide that this Act, or a specified provision or provisions of this Act, does not or do not apply in relation to an acquisition, of a kind specified in the regulations, of an interest in Australian urban land, this Act, or the provision or provisions, does not or do not so apply.

Interests in trust estates
"12b. (1) For the purposes of this Act, a reference to a person holding an interest in a trust estate is a reference to a person holding a beneficial interest in the corpus or income of the trust estate.
"(2) For the purposes of this Act, where a person:
     (a) has entered into a contract to purchase a beneficial interest in the corpus or income of a trust estate;
     (b) has a right, otherwise than by reason of holding an interest in a trust estate, to have such an interest transferred to the person or to the person's order (whether the right is exercisable presently or in the future) and whether on the fulfilment of a condition or not; or
     (c) has the right to acquire such an interest under an option (whether the right is exercisable presently or in the future) and whether on the fulfilment of a condition or not;
the person shall be taken to hold that interest in the