Foreign Acquisitions and Takeovers Act 1975

An Australian business is a business that is carried on wholly or partly in Australia in anticipation of profit or gain.

For the purposes of this Act, a person who has an interest in a mining or production tenement is, as a result of having that interest, taken to carry on a business in Australia of exploiting that tenement in anticipation of profit or gain. The tenement is taken to be an asset of that business.

Without limiting subsection (1), a business is taken to be an Australian business for the purposes of this Act if:

the business is carried on wholly or partly in Australia, whether or not in anticipation of profit or gain, by:

the Commonwealth, a State, a Territory or a local governing body; or

a body corporate established for a public purpose by or under a law of the Commonwealth, a State or a Territory; or

an entity wholly owned by the Commonwealth, a State, a Territory, a local governing body or a body corporate covered by subparagraph (ii); and

the business would, or could, be carried on in anticipation of profit or gain if it were carried on by someone other than:

a body referred to in subparagraph (a)(i) or (ii); or

an entity referred to in subparagraph (a)(iii); or

a foreign government; or

a separate government entity.