Commonwealth Consolidated Acts

FOREIGN ACQUISITIONS AND TAKEOVERS ACT 1975 - SECT 8B

  (1)   A foreign person starts an Australian business if:

  (a)   the foreign person starts to carry on an Australian business; or

  (b)   for a foreign person who already carries on an Australian business--the business starts a new activity that:

  (i)   is not incidental to an existing activity of the Australian business; and

  (ii)   is within a different Division under the Australian and New Zealand Standard Industrial Classification Codes from the current activities of the Australian business.

  (2)   Despite subsection   (1), if a foreign person carries on an Australian business, the person does not start an Australian business merely because the foreign person, alone or together with one or more persons, establishes a new entity:

  (a)   that carries on the same Australian business; or

  (b)   for the purposes of acquiring interests in assets of the same Australian business.