(1) This section
applies where it is necessary to determine in relation to an acquisition of an
interest in an entity whether the entity is a landholder for the purposes of
section 163.
(2) An entity is a
landholder if immediately before the acquisition —
(a) it
is entitled to land assets in Western Australia or an entity linked to the
entity is so entitled; and
(b) the
total value of all such entitlements is $2 000 000 or more.
(3) An entity to which
subsection (2) does not apply is a landholder if —
(a)
immediately before the acquisition, it is entitled to land assets, chattels,
or land assets and chattels, in Western Australia or an entity linked to the
entity is so entitled; and
(b) the
acquisition is part of a relevant arrangement under subsection (4).
(4) An acquisition of
an interest in an entity (the relevant entity ) is part of a relevant
arrangement for the purposes of subsection (3)(b) if —
(a)
there are 1 or more acquisitions of interests in 1 or more other entities (the
other entities ), which may occur before or after the acquisition of the
interest in the relevant entity; and
(b) the
acquisition of the interest in the relevant entity and the acquisitions of the
interests in the other entities together form, evidence, give effect to or
arise from what is, substantially one arrangement; and
(c)
either or both of the following applies —
(i)
at least 1 of the other entities is, at the time the
acquisition of the interest in that entity occurs, a landholder to which
subsection (2) applies;
(ii)
the total value of all of the entitlements to land assets
in Western Australia referred to in subsection (4A) is $2 000 000 or more.
(4A) For the purposes
of subsection (4)(c)(ii), the total value of the following entitlements is to
be determined —
(a) the
entitlements to land assets in Western Australia, immediately before the
acquisition of the interest in the relevant entity, of the relevant entity and
each entity linked to the relevant entity;
(b) for
each of the other entities — the entitlements to land assets in Western
Australia, immediately before the acquisition of the interest in that other
entity, of that other entity and each entity linked to that other entity.
(5) For the purposes
of this section —
(a) land
assets to which an entity is entitled are to be valued at their unencumbered
value; and
(b) the
value of a linked entity’s entitlement to land assets is to be
determined under section 157.
(6) An entity that,
under subsection (3), is a landholder in relation to an acquisition is taken
to be a landholder in relation to that acquisition even if the acquisition
does not become part of a relevant arrangement referred to in subsection (4)
until after the acquisition occurs.
[Section 155 amended: No. 12 of 2019 s. 65.]