Duties Act 2001

Each of the following is a foreign corporation—

a corporation incorporated outside Australia;

a corporation in which foreign persons have a controlling interest.

A corporation is taken to be a corporation mentioned in subsection (1)(b) if, taking their interests together, 1 or more persons who are foreign persons or related persons of foreign persons—

are in a position to control at least 50% of the voting power in the corporation; or

are in a position to control at least 50% of the potential voting power in the corporation; or

have an interest in at least 50% of the issued shares in the corporation.

In this section—potential voting power see the Foreign Acquisitions and Takeovers Act 1975 (Cwlth), section 22.voting power see the Foreign Acquisitions and Takeovers Act 1975 (Cwlth), section 22.