Land Tax Act 2010
sec.18BWhat is a foreign company
Start here
Get a plain-English read of sec.18B
Turn the raw legal text into a practical explanation grounded in Land Tax Act 2010.
sec.18B What is a foreign company
Each of the following is a foreign company — a corporation incorporated outside Australia; a corporation in which foreign persons have a controlling interest. A corporation is taken to be a corporation mentioned in subsection (1) (b) if, taking their interests together, 1 or more persons who are foreign persons or related persons of foreign persons— are in a position to control at least 50% of the voting power in the corporation; or are in a position to control at least 50% of the potential voting power in the corporation; or have an interest in at least 50% of the issued shares in the corporation. In this section— potential voting power see the Foreign Acquisitions and Takeovers Act 1975 (Cwlth) , section 22 . voting power see the Foreign Acquisitions and Takeovers Act 1975 (Cwlth) , section 22 . s 18B ins 2019 No. 20 s 14 (sec.18B-ssec.1) Each of the following is a foreign company — a corporation incorporated outside Australia; a corporation in which foreign persons have a controlling interest. (sec.18B-ssec.2) A corporation is taken to be a corporation mentioned in subsection (1) (b) if, taking their interests together, 1 or more persons who are foreign persons or related persons of foreign persons— are in a position to control at least 50% of the voting power in the corporation; or are in a position to control at least 50% of the potential voting power in the corporation; or have an interest in at least 50% of the issued shares in the corporation. (sec.18B-ssec.3) In this section— potential voting power see the Foreign Acquisitions and Takeovers Act 1975 (Cwlth) , section 22 . voting power see the Foreign Acquisitions and Takeovers Act 1975 (Cwlth) , section 22 .
- (a) a corporation incorporated outside Australia;
- (b) a corporation in which foreign persons have a controlling interest.
- (a) are in a position to control at least 50% of the voting power in the corporation; or
- (b) are in a position to control at least 50% of the potential voting power in the corporation; or
- (c) have an interest in at least 50% of the issued shares in the corporation.