4Definitions

4 Definitions

In this Act:

agricultural land means land in Australia that is used, or that could reasonably be used, for a primary production business.

Note: The rules may provide that land is not agricultural land (see section 5).

Australia, when used in a geographical sense, includes the external Territories.

Australian water access entitlement means a perpetual or ongoing entitlement, by or under a law of a State or Territory, to exclusive access to a share of the water resources of an area in the State or Territory.

cease:

(a) in relation to holding a freehold interest in, or a right to occupy, agricultural land—has a meaning affected by section 6; or
(b) in relation to holding a registrable water entitlement or a contractual water right—has a meaning affected by section 6A.

Commissioner means the Commissioner of Taxation.

contract includes a deed.

contractual water right of a person means a contractual right that the person holds (alone or jointly) to all or part of another person’s:

(a) registrable water entitlement; or
(b) water allocation; or
(c) right of a kind specified in the rules.

foreign person has the same meaning as in the Foreign Acquisitions and Takeovers Act 1975.

freehold interest of a person in land means a legal interest in an estate in fee simple in the land that the person holds (alone, as a tenant in common or as a joint tenant).

land includes a building or a part of a building.

lease includes a sublease.

primary production business has the same meaning as in the Income Tax Assessment Act 1997.

registrable water entitlement has the meaning given by section 5A.

registration trigger time:

(a) in relation to a right held by a person to occupy land under a lease or licence—means the latest of the following times:
(i) the time the person started to hold the right;
(ii) the time the person became a foreign person;
(iii) the time the land became agricultural land;
(iv) the start of 1 July 2015; or
(b) in relation to a contractual water right held by a person—means the latest of the following times:
(i) the time the person started to hold the right;
(ii) the time the person became a foreign person;
(iii) the start of 1 December 2017.