13Land entities

#### 13 Land entities (1) This section prescribes the meanings of the following for section 4 of the Act: (a) agricultural land corporation; (b) agricultural land trust; (c) Australian land corporation; (d) Australian land trust. > Note: Any of these corporations or trusts may be formed or established in or outside Australia. (2) A corporation (the entity) of a kind mentioned in column 1 of the table in subsection (6) is an agricultural land corporation if the value of interests in agricultural land mentioned in column 2 of the table exceeds 50% of the value of total assets mentioned in column 3 of the table. (3) A trust (the entity) of a kind mentioned in column 1 of the table in subsection (6) is an agricultural land trust if: (a) the entity is a unit trust; and (b) the value of interests in agricultural land mentioned in column 2 of the table exceeds 50% of the value of total assets mentioned in column 3 of the table. (4) A corporation (the entity) of a kind mentioned in column 1 of the table in subsection (6) is an Australian land corporation if the value of interests in Australian land mentioned in column 2 of the table exceeds 50% of the value of total assets mentioned in column 3 of the table. (5) A trust (the entity) of a kind mentioned in column 1 of the table in subsection (6) is an Australian land trust if: (a) the entity is a unit trust; and (b) the value of interests in Australian land mentioned in column 2 of the table exceeds 50% of the value of total assets mentioned in column 3 of the table. (6) The following table sets out the interests in land and total assets taken into account for land entities. ```html <table cellspacing="0" cellpadding="0" style="width:100%; border-collapse:collapse"><thead><tr><td colspan="4" 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>Interests of land entities</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:29.98%; 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>Entity</span></p></td><td style="width:29.98%; 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>Interests in land</span></p></td><td style="width:29.96%; 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 3</span></p><p class="TableHeading"><span>Total assets</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:29.98%; 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 that:</span></p><p class="Tablea"><span>(a) is a holding entity; and</span></p><p class="Tablea"><span>(b) prepares financial statements or another document in accordance with subsection</span><span> </span><span>24(2) or (3)</span></p></td><td style="width:29.98%; 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>Interests in agricultural land or Australian land (as the case requires) set out in the financial statements</span></p></td><td style="width:29.96%; 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>Total assets set out in the financial statements or other document</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>2</span></p></td><td style="width:29.98%; 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>Any other entity</span></p></td><td style="width:29.98%; 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>Interests in agricultural land or Australian land (as the case requires) held by the entity or a trustee of the entity</span></p></td><td style="width:29.96%; 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>Total assets of the entity or the trustee of the entity</span></p></td></tr></tbody></table> ```