A sovereign entity is any of the following:
(a) a body politic of a foreign country, or a part of a foreign country;
(b) a * foreign government agency;
(c) an entity:
(i) in which an entity covered by paragraph (a) or (b) holds a * total participation interest of 100%; and
(ii) that is not an Australian resident; and
(iii) that is not a resident trust estate for the purposes of Division 6 of Part III of the Income Tax Assessment Act 1936 .