18Meaning of foreign person

18 Meaning of foreign person

General partners of limited partnerships (1) For paragraph (g) of the definition of foreign person in section 4 of the Act, a person is a foreign person if: (a) the person is a general partner of a limited partnership; and (b) either: (i) an individual not ordinarily resident in Australia, a foreign corporation or a foreign government holds a substantial interest in the limited partnership; or (ii) 2 or more persons, each of whom is an individual not ordinarily resident in Australia, a foreign corporation or a foreign government hold an aggregate interest of at least 40% in the limited partnership. Certain foreign government investors (2) For paragraph (g) of the definition of foreign person in section 4 of the Act, a person is a foreign person if: (a) the person is a foreign government investor; and (b) apart from this subsection, the person would not be a foreign person.