34Related corporations

34 Related corporations

(1) Subject to subsections (2) and (3), the question whether corporations are related to each other for the purposes of this Act is to be determined in the same manner as the question whether bodies corporate are related to each other is determined under the Corporations Act 2001. (2) A corporation is not taken for the purposes of this Act to be related to another corporation (not being a corporation that carries on in Australia a business, whether or not that business is its sole or principal business, of selling goods by retail) unless the first‑mentioned corporation is a foreign corporation, a trading corporation formed within the limits of Australia or a financial corporation so formed and: (a) the sole or principal business activities in Australia of the first‑mentioned corporation are the borrowing of money and the provision of finance; or (b) the sum of the amounts of such of the assets in Australia of the first‑mentioned corporation as consist of debts due to that corporation, being debts resulting from transactions entered into in the course of the provision of finance by that corporation, exceeds: (i) 50%; or (ii) if a greater or lesser percentage is prescribed by the regulations—the percentage so prescribed; of the sum of the values of all the assets in Australia of that corporation. (3) A corporation is not taken for the purposes of this Act to be related to another corporation (being a corporation that carries on in Australia a business, whether or not that business is its sole or principal business, of selling goods by retail) unless the first‑mentioned corporation: (a) is a foreign corporation, a trading corporation formed within the limits of Australia or a financial corporation so formed; and (b) engages in the provision of finance in the course of carrying on in Australia a business, whether or not that business is its sole or principal business, of selling goods by retail.