52Land

52 Land

Land without threshold value (1) For subsection 52(1) of the Act, the following land is prescribed: (a) residential land, except residential land covered by subsection (2) of this section; (b) commercial land that is vacant; (c) a mining or production tenement, except a tenement being acquired by a relevant agreement country investor; (d) land (including land otherwise covered by subsection (4) or (5) of this section) acquired by a foreign government investor; (e) land held by an Australian land corporation or the trustee of an Australian land trust (except an agricultural land corporation or an agricultural land trust) if: (i) the interest in Australian land that is acquired by a foreign person is an interest in a share in the corporation or a unit in the trust; and (ii) the land is not covered by subsection (3) of this section. Residential land not covered by subsection (1) (2) Residential land is covered by this subsection if: (a) the land is also commercial land that is not vacant; and (b) the area of land that is residential land (excluding any commercial residential premises) is less than 10% of the total area of the land; and (c) the value of the land that is residential land (excluding any commercial residential premises) is less than 10% of the total value of the land; and (d) a reasonable assessment of the area and value of the land was made in determining that the land is covered by paragraphs (b) and (c).

Note: The threshold for land covered by this subsection is in the table in subsection (5).

Land held by Australian land corporation or trustee not covered by subsection (1) (3) Land held by an Australian land corporation or the trustee of an Australian land trust is covered by this subsection if: (a) the total value of interests in the following land held by the corporation or trustee is less than 10% of the value of the total assets of the corporation or trustee: (i) residential land, except interests in land covered by subsection (3A); (ii) commercial land that is vacant; (iii) a mining or production tenement; and (b) a reasonable assessment of the value of the interests was made in determining that the land is covered by paragraph (a).

Note: The threshold for land covered by this subsection is in the table in subsection (5).

(3A) The following land is covered by this subsection: (a) residential land covered by paragraph 38(5)(a); (b) residential land covered by subsection (2) of this section. Threshold value for agricultural land (4) The following table prescribes a value for paragraph 52(2)(b) of the Act (agricultural land).

<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>Threshold value for agricultural land</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:61.86%; 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>For this kind of land …</span></p></td><td style="width:28.06%; 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>the value (in millions of dollars) is …</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:61.86%; 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>agricultural land that is being acquired by a foreign person</span></p></td><td style="width:28.06%; 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" style="text-align:right"><span>15</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:61.86%; 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>agricultural land that is held by an agricultural land corporation or an agricultural land trust if the interest that is being acquired by a foreign person is an interest in a share in the corporation or a unit in the trust</span></p></td><td style="width:28.06%; 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" style="text-align:right"><span>15</span></p></td></tr></tbody></table>