Document ID: chunk:federal_register_of_legislation:F2025C00115:front:0:p38
Version: federal_register_of_legislation:F2025C00115
Segment Type: other
Provision Reference: 
Character Range: 97424–100143

the ownership interests of the applicant and the applicant's spouse or de facto partner, in the business is or was:
 (i) if the business is operated by a publicly listed company—at least 10% of the total value of the business; or
 (ii) if:
 (A) the business is not operated by a publicly listed company; and
 (B) the annual turnover of the business is at least AUD400 000;
  at least 30% of the total value of the business; or
 (iii) if:
 (A) the business is not operated by a publicly listed company; and
 (B) the annual turnover of the business is less than AUD400 000;
  at least 51% of the total value of the business; and
 (d) the business is a qualifying business.
 (2) If an applicant has, or has had, an ownership interest in more than 1 qualifying business that would, except for this subregulation, be a main business in relation to the applicant, the applicant must not nominate more than 2 of those qualifying businesses as main businesses.

1.11A  Ownership for the purposes of certain Parts of Schedule 2
 (1) Subject to subregulation (4), for Parts 188, 888, 890, 891, 892 and 893 of Schedule 2, ownership by an applicant, or the applicant's spouse or de facto partner, of an asset, an eligible investment or an ownership interest, includes beneficial ownership only if the beneficial ownership is evidenced in accordance with subregulation (2).
 (2) To evidence beneficial ownership of an asset, eligible investment or ownership interest, the applicant must show to the Minister:
 (a) a trust instrument; or
 (b) a contract; or
 (c) any other document capable of being used to enforce the rights of the applicant, or the applicant's spouse or de facto partner, as the case requires, in relation to the asset, eligible investment or ownership interest;
stamped or registered by an appropriate authority under the law of the jurisdiction where the asset, eligible investment or ownership interest is located.
 (3) A document shown under subregulation (2) does not evidence beneficial ownership, for subregulation (1), for any period earlier than the date of registration or stamping by the appropriate authority.
 (4) Beneficial ownership is not required to be evidenced in accordance with subregulation (2) if the person who has legal ownership of the asset, eligible investment or ownership interest in relation to which the applicant, or the applicant's spouse or de facto partner, has beneficial ownership:
 (a) is a dependent child of the applicant; and
 (b) made a combined application with the applicant; and
 (c) has not reached the age at which, in the jurisdiction where the asset, eligible investment or ownership interest is located, he or she can claim the benefits of ownership of the asset,