Commonwealth Consolidated Acts Commonwealth Consolidated Acts(1) For the purposes of this Act, a corporation is an Australian urban land corporation if:
(a) where the corporation is not a holding corporation--the value of its eligible land assets exceeds 50% of the value of its total assets; or
(b) where the corporation is a holding corporation--the sum of the values of the eligible land assets of the corporation and of each of its subsidiaries exceeds 50% of the sum of the values of the total assets of the corporation and of each of its subsidiaries.
(2) Where a reasonable value of the eligible land assets or of the total assets of a corporation is:
(a) shown in the last audited balance‑sheet of the corporation; or
(b) if not shown in the last audited balance‑sheet--shown in the accounting records of the corporation;
the value of those assets as shown shall be taken to be their value for the purposes of subsection (1).
(3) For the purposes of determining the values referred to in paragraph (1)(b), any asset of a corporation that consists of shares in any subsidiary of the corporation shall be disregarded.
(4) In this section:
"eligible land assets" , in relation to a corporation, means so much of the corporation's total assets as consists of interests in Australian urban land.