Foreign Acquisitions and Takeovers Fees Imposition Amendment (Fee Streamlining and Other Measures) Act 2017

No. 69, 2017

An Act to amend the Foreign Acquisitions and Takeovers Fees Imposition Act 2015, and for related purposes

Contents

1 Short title 2

2 Commencement 2

3 Schedules 2

Schedule 1—Fee streamlining 3

Part 1—Amendments 3

Foreign Acquisitions and Takeovers Fees Imposition Act 2015 3

Part 2—Application and savings 11

Foreign Acquisitions and Takeovers Fees Imposition Amendment (Fee Streamlining and Other Measures) Act 2017

No. 69, 2017

An Act to amend the Foreign Acquisitions and Takeovers Fees Imposition Act 2015, and for related purposes

[Assented to 23 June 2017]

The Parliament of Australia enacts:
1 Short title

This Act is the Foreign Acquisitions and Takeovers Fees Imposition Amendment (Fee Streamlining and Other Measures) Act 2017.
2 Commencement 1

Each provision of this Act specified in column 1 of the table commences, or is taken to have commenced, in accordance with column 2 of the table. Any other statement in column 2 has effect according to its terms.
Commencement information Commencement information Commencement information
Column 1 Column 2 Column 3
Provisions Commencement Date/Details
1. The whole of this Act The day after this Act receives the Royal Assent. 24 June 2017

Note: This table relates only to the provisions of this Act as originally enacted. It will not be amended to deal with any later amendments of this Act.

 2

Any information in column 3 of the table is not part of this Act. Information may be inserted in this column, or information in it may be edited, in any published version of this Act.
3 Schedules

Legislation that is specified in a Schedule to this Act is amended or repealed as set out in the applicable items in the Schedule concerned, and any other item in a Schedule to this Act has effect according to its terms.
Fee streamlining

Foreign Acquisitions and Takeovers Fees Imposition Act 2015

 1 Subsections 6(1) and (2)

Repeal the subsections, substitute:

Fees generally

Note 1: For table item 1, see also subsection (3).

Note 2: Consideration is defined by regulations made for the purposes of the Foreign Acquisitions Act (see section 4 of that Act).

Note 3: See also sections 11 (regulations may lower fees) and 12 (indexation of fees) of this Act.

Fees for applications for exemption certificates—consideration more than $1 million, and $10 million or less

Method statement

Step 1. Apply the following formula:

Round the resulting amount down to the nearest whole number, if necessary.

Step 2. Multiply the step 1 amount by $10,000.

Step 3. Multiply the step 2 amount by 1.015. Round the resulting amount down to the nearest multiple of $100, if necessary.

Step 4. Add to the step 3 amount the amount that is 10% of the step 3 amount. Round the resulting amount down to the nearest multiple of $100, if necessary.

Step 5. The step 4 amount is the amount of the fee.

Fees for applications for exemption certificates—consideration more than $10 million

Method statement

Step 1. Apply the following formula:

Round the resulting amount down to the nearest whole number, if necessary.

Step 2. Multiply the step 1 amount by $10,000.

Step 3. Multiply the step 2 amount by 1.030. Round the resulting amount down to the nearest multiple of $100, if necessary.

Step 4. The step 3 amount is the amount of the fee.

 1

The amount of the fee for an application for an exemption certificate, or an application for a variation of an exemption certificate, is worked out in accordance with the following table.

 2

For the purposes of paragraph (b) of item 3 of the table in subsection (1), the amount of the fee is worked out as follows:

 2A

For the purposes of paragraph (c) of item 3 of the table in subsection (1), the amount of the fee is worked out as follows:

 2 Subsection 6(4)

Omit “item 2”, substitute “item 3”.

 3 Section 7

Repeal the section, substitute:

 7 Fees for giving notice of notifiable actions 1

The amount of the fee for giving a notice of a notifiable action under section 81 of the Foreign Acquisitions Act is worked out in accordance with the following table.

Note 1: Consideration is defined by regulations made for the purposes of the Foreign Acquisitions Act (see section 4 of that Act).

Note 2: See also sections 10 (fees for internal reorganisations), 11 (regulations may lower fees) and 12 (indexation of fees) of this Act.

Fees for acquisition of interests in residential land—consideration more than $1 million, and $10 million or less

Method statement

Step 1. Apply the following formula:

Round the resulting amount down to the nearest whole number, if necessary.

Step 2. Multiply the step 1 amount by $10,000.

Step 3. Multiply the step 2 amount by 1.015. Round the resulting amount down to the nearest multiple of $100, if necessary.

Step 4. Add to the step 3 amount the amount that is 10% of the step 3 amount. Round the resulting amount down to the nearest multiple of $100, if necessary.

Step 5. The step 4 amount is the amount of the fee.

Fees for acquisition of interests in residential land—consideration more than $10 million

Method statement

Step 1. Apply the following formula:

Round the resulting amount down to the nearest whole number, if necessary.

Step 2. Multiply the step 1 amount by $10,000.

Step 3. Multiply the step 2 amount by 1.030. Round the resulting amount down to the nearest multiple of $100, if necessary.

Step 4. The step 3 amount is the amount of the fee.

 2

For the purposes of paragraph (b) of item 3 of the table in subsection (1), the amount of the fee is worked out as follows:

 3

For the purposes of paragraph (c) of item 3 of the table in subsection (1), the amount of the fee is worked out as follows:

 4 Subsection 8(1) (table items 1 and 2)

Repeal the items, substitute:

 5 Paragraph 8(2)(a)

Omit “Australian land—$5,000”, substitute “residential land—$5,100”.

 6 Paragraph 8(2)(b)

Omit “$10,000”, substitute “$10,100”.

 7 Section 10

Omit “sections 6 to 9”, substitute “sections 7 to 9”.

 8 Section 10

Omit “$10,000”, substitute “$10,100”.

 9 Section 11 (note)

Repeal the note, substitute:

Note: For example, the regulations may prescribe a lower amount for the purposes of item 4 of the table in subsection 7(1) only in relation to acquisitions of interests in commercial land that is not vacant.

 10 Paragraph 12(9)(a)

Repeal the paragraph, substitute:

 a

the following amounts are not fees:

 i

the amounts specified in the method statements in subsections 6(2) and (2A) and 7(2) and (3) (except the amount specified in the final step in any of those method statements);

 ii

an amount of $1 million, $2 million, $10 million or $1 billion specified in an item of the table in subsection 6(1), 7(1) or 8(1); and

 11 Subparagraph 12(9)(b)(iii)

Repeal the subparagraph.

 12 Application of amendments 1

(1) The amendments of Foreign Acquisitions and Takeovers Fees Imposition Act 2015 (the Fees Act) made by this Act apply in relation to a fee payable for an application for an exemption certificate made on or after 1 July 2017.section 6 of the

2

The amendments of section 7 of the Fees Act made by this Act apply in relation to a fee payable for:

 a

a notice of a notifiable action given on or after 1 July 2017; and

 b

in the case of a person given an exemption certificate under 1 July 2017.section 57 of the Foreign Acquisitions Act—any new dwelling acquisition that occurs on or after

Note: See subsections 6(3) and (4) of the Fees Act.

 3

The amendments of section 8 of the Fees Act made by this Act apply in relation to a fee payable for:

 a

a notice of a proposal to take an action that is not a notifiable action given on or after 1 July 2017; and

 b

an order made under Subdivision A of 1 July 2017; andDivision 2 of Part 3 of the Foreign Acquisitions Act on or after

c

a no objection notification given on or after 1 July 2017.

 4

The amendments of 1 July 2017.section 10 of the Fees Act made by this Act apply in relation to a fee payable for any action that constitutes an internal reorganisation taken on or after

5

Despite 1 July 2017 is taken to have been given or made for the purposes of this item even if the fee payable for giving the notice or making the application had not been paid before that date.section 114 of the Foreign Acquisitions Act, a notice or application given or made before

13 Saving of regulations 1

(1) Regulations in force immediately before the commencement of this item for the purposes of item 4 of the table in subsection 6(1) of the Foreign Acquisitions and Takeovers Fees Imposition Act 2015 (the Fees Act) have effect after that commencement as if they had been made for the purposes of item 4 of the table in subsection 6(1) of the Fees Act as amended by this Act.

 2

Regulations in force immediately before the commencement of this item for the purposes of item 6 of the table in subsection 7(1) of the Fees Act have effect after that commencement as if they had been made for the purposes of item 6 of the table in subsection 7(1) of the Fees Act as amended by this Act.

[Minister’s second reading speech made in—

House of Representatives on 1 June 2017

Senate on 20 June 2017]

(113/17)