FOREIGN ACQUISITIONS AND TAKEOVERS ACT 1975 - SECT 12 Meaning of interest in Australian land

FOREIGN ACQUISITIONS AND TAKEOVERS ACT 1975 - SECT 12

  (1)   An interest in Australian land (however described) is:

  (a)   a legal or equitable interest in Australian land, other than:

  (i)   an interest under a lease or licence or in a unit in a unit trust; or

  (ii)   an interest in an agreement giving a right (known as a profit à prendre) to take something off another person's land, or to take something out of the soil of that land; or

  (iii)   an interest in an agreement involving the sharing of profits or income from the use of, or dealings in, Australian land; or

  (b)   an interest in a security in an entity that owns Australian land, being a security that entitles the holder to a right to occupy a dwelling of a kind known as a flat or home unit situated on the land; or

  (c)   an interest as lessee or licensee in a lease or licence giving rights to occupy Australian land if the term of the lease or licence (including any extension or renewal) is reasonably likely, at the time the interest is acquired, to exceed 5 years; or

  (d)   an interest in an agreement giving a right of a kind mentioned in subparagraph   (a)(ii) if the term of the agreement (including any extension or renewal) is reasonably likely, at the time the interest in the agreement is acquired, to exceed 5 years; or

  (e)   an interest in an agreement involving the sharing of profits or income from the use of, or dealings in, Australian land if the term of the agreement (including any extension or renewal) is reasonably likely, at the time the interest in the agreement is acquired, to exceed 5 years; or

  (f)   an interest in a share in an Australian land corporation or agricultural land corporation; or

  (g)   an interest in a unit in an Australian land trust or agricultural land trust; or

  (h)   if the trustee of an Australian land trust or agricultural land trust is a corporation--an interest in a share in that corporation.

Note 1:   For other rules relating to interests in Australian land, see sections   13 to 15.

Note 2:   Australian land may be described as "residential land", "agricultural land" or "commercial land", or as "a new dwelling" or "an established dwelling".

  (2)   An interest is an interest in Australian land even if it is the only interest that exists in the land or other thing concerned.

  (3)   A person acquires an interest in Australian land even if:

  (a)   the person has previously acquired an interest in Australian land; or

  (b)   the interest is an increase in the amount of an existing interest of the person in Australian land.