12When an Australian entity or Australian business is an agribusiness

12 When an Australian entity or Australian business is an agribusiness

(1) For the definition of agribusiness in section 4 of the Act, the following table prescribes the circumstances in which an Australian entity or Australian business is an agribusiness.

<table cellspacing="0" cellpadding="0" style="width:100%; border-collapse:collapse"><thead><tr><td colspan="3" style="border-top:1.5pt solid #000000; border-bottom:0.75pt solid #000000; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p class="TableHeading"><span>Australian entities and Australian businesses that are agribusinesses</span></p></td></tr><tr><td style="width:10.08%; border-top:0.75pt solid #000000; border-bottom:1.5pt solid #000000; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p class="TableHeading"><span>Item</span></p></td><td style="width:44.96%; border-top:0.75pt solid #000000; border-bottom:1.5pt solid #000000; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p class="TableHeading"><span>Column 1</span></p><p class="TableHeading"><span>This kind of Australian entity or Australian business …</span></p></td><td style="width:44.96%; border-top:0.75pt solid #000000; border-bottom:1.5pt solid #000000; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p class="TableHeading"><span>Column 2</span></p><p class="TableHeading"><span>is an agribusiness if …</span></p></td></tr></thead><tbody><tr><td style="width:10.08%; border-top:1.5pt solid #000000; border-bottom:0.75pt solid #000000; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p class="Tabletext"><span>1</span></p></td><td style="width:44.96%; border-top:1.5pt solid #000000; border-bottom:0.75pt solid #000000; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p class="Tabletext"><span>an Australian entity</span></p></td><td style="width:44.96%; border-top:1.5pt solid #000000; border-bottom:0.75pt solid #000000; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p class="Tablea"><span>(a) any one or more of the following entities (the </span><span style="font-weight:bold; font-style:italic">agribusiness entities</span><span>) derive earnings from carrying on a business of the kind mentioned in subsection</span><span> </span><span>(3):</span></p><p class="Tablei"><span>(i) the entity;</span></p><p class="Tablei"><span>(ii) a subsidiary of the entity; and</span></p><p class="Tablea"><span>(b) the amount of those earnings before interest and tax, derived by the agribusiness entities in the most recent financial year for which the financial accounts of the entity have been audited, exceeds 25% of the amount of the total earnings for the entity.</span></p></td></tr><tr><td style="width:10.08%; border-top:0.75pt solid #000000; border-bottom:0.75pt solid #000000; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p class="Tabletext"><span>2</span></p></td><td style="width:44.96%; border-top:0.75pt solid #000000; border-bottom:0.75pt solid #000000; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p class="Tabletext"><span>an Australian entity</span></p></td><td style="width:44.96%; border-top:0.75pt solid #000000; border-bottom:0.75pt solid #000000; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p class="Tablea"><span>(a) any one or more of the following entities use assets in carrying on a business of the kind mentioned in subsection</span><span> </span><span>(3):</span></p><p class="Tablei"><span>(i) the entity;</span></p><p class="Tablei"><span>(ii) a subsidiary of the entity; and</span></p><p class="Tablea"><span>(b) the value of those assets exceeds 25% of the total asset value for the entity.</span></p></td></tr><tr><td style="width:10.08%; border-top:0.75pt solid #000000; border-bottom:1.5pt solid #000000; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p class="Tabletext"><span>3</span></p></td><td style="width:44.96%; border-top:0.75pt solid #000000; border-bottom:1.5pt solid #000000; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p class="Tabletext"><span>an Australian business</span></p></td><td style="width:44.96%; border-top:0.75pt solid #000000; border-bottom:1.5pt solid #000000; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p class="Tablea"><span>(a) the business uses assets in carrying on a business of the kind mentioned in subsection</span><span> </span><span>(3); and</span></p><p class="Tablea"><span>(b) the value of those assets exceeds 25% of the value of the total assets of the business.</span></p></td></tr></tbody></table>