Document ID: chunk:federal_register_of_legislation:C2004A03762:body:0:p10
Version: federal_register_of_legislation:C2004A03762
Segment Type: other
Provision Reference: 
Character Range: 22765–25359

determining whether a business is an exempt business in relation to the application of section 21, the value of its total assets at a particular time is the value determined by a person who was at the time of the valuation a suitably qualified valuer acting at arm's length in relation to the valuation where:

     (a) the valuation was made at the particular time; or
     (b) the valuation was made not more than 12 months before the particular time and the value had not increased significantly between the time of the valuation and the particular time.

Australian urban land corporations
"13c. (1) For the purposes of this Act, a corporation is an Australian urban land corporation if:
     (a) where the corporation is not a holding corporation—the value of its eligible land assets exceeds 50% of the value of its total assets; or
     (b) where the corporation is a holding corporation—the sum of the values of the eligible land assets of the corporation and of each of its subsidiaries exceeds 50% of the sum of the values of the total assets of the corporation and of each of its subsidiaries.
"(2) Where a reasonable value of the eligible land assets or of the total assets of a corporation is:
     (a) shown in the last audited balance-sheet of the corporation; or
     (b) if not shown in the last audited balance-sheet—shown in the accounting records of the corporation;
the value of those assets as shown shall be taken to be their value for the purposes of subsection (1).
"(3) For the purposes of determining the values referred to in paragraph (1) (b), any asset of a corporation that consists of shares in any subsidiary of the corporation shall be disregarded.
"(4) In this section:
     'eligible land assets', in relation to a corporation, means so much of the corporation's total assets as consists of interests in Australian urban land.

Australian urban land trust estates
"13d. (1) For the purposes of this Act, a trust estate is an Australian urban land trust estate if it is a unit trust estate and the value of so much of its total assets as consists of interests in Australian urban land exceeds 50% of the value of its total assets.
"(2) Where a reasonable value of the particular assets or of the total assets of a trust estate is given in a valuation, that value shall be taken to be their value at a particular time for the purposes of subsection (1) if:
     (a) the person giving the valuation was at the time of the valuation a suitably qualified valuer acting at arm's length in relation to the valuation;
     (b) the valuation was made not more than 12