Document ID: chunk:federal_register_of_legislation:C2004A03762:body:0:p8
Version: federal_register_of_legislation:C2004A03762
Segment Type: other
Provision Reference: 
Character Range: 17774–20537

interest in the second level trust estate that the first level entity holds.".

Prescribed corporations
13. Section 13 of the Principal Act is amended by omitting from paragraphs (1) (d) and (e) "$3,000,000" and substituting "$20,000,000 or such other amount as is prescribed".

14. After section 13 of the Principal Act the following sections are inserted:

Exempt dealings
"13a. (1) Sections 18 and 26 do not apply to shares in an exempt corporation.
"(2) Section 20 does not apply to the control of an exempt corporation.
"(3) Sections 19 and 21 do not apply to the control of an exempt business.
"(4) For the purposes of this section:
     'exempt corporation' means a corporation:
         (a) that is of a kind referred to in paragraph 13 (1) (a), (b), (c), (g) or (h); and

         (b) the value of whose total assets, determined under section 13b, does not exceed:
            (i) if more than 50% of the value of those assets is attributable to Australian rural land—$3,000,000 or such other amount as is prescribed; or
            (ii) in any other case—$5,000,000 or such other amount as is prescribed;
     'exempt business' means a business the value of whose total assets, determined under section 13b, does not exceed:
         (a) if more than 50% of the value of those assets is attributable to Australian rural land—$3,000,000 or such other amount as is prescribed; or
         (b) in any other case—$5,000,000 or such other amount as is prescribed.

Valuation of assets for purposes of section 13a
"13b. (1) In determining whether a corporation is an exempt corporation in relation to the application of section 18 or 26, the value of its total assets at a particular time is:
     (a) where the corporation is not a holding corporation:
         (i) the value of those assets as shown in the last balance-sheet of the corporation audited before that time or, if no balance-sheet was audited before that time, as shown at that time in the accounting records of the corporation; or
         (ii) if the value of the issued shares of the corporation determined under subsection (2) or (3) is greater—that greater value; or
     (b) where the corporation is a holding corporation:
         (i) the aggregate value of the assets of the corporation, and of each of its subsidiaries that is a prescribed corporation carrying on an Australian business, determined, in each case, under subparagraph (a) (i); or
         (ii) if the aggregate value of the issued shares of the corporation and each of those subsidiaries determined under subsection (2) or (3) is greater—that greater value.
"(2) For the purposes of subparagraphs (1) (a) (ii) and (b) (ii) in relation to the application of section 18, the value of the issued shares of a corporation, or