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Foreign Acquisitions and Takeovers Act 1975
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Department of the Treasury
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C2020C00397 C23
10 December 2020
-
31 December 2020
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Table of contents
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Part 1—Preliminary
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Division 1—Preliminary
1 Short title
2 Commencement
3 Simplified outline of this Act
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Division 2—Definitions
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Subdivision A—Dictionary of definitions
4 Dictionary of definitions
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Subdivision B—Some defined terms and rules of interpretation
5 Meaning of ordinarily resident
6 Meaning of associate
7 Meaning of independent director
8 Meaning of Australian business
9 Meaning of interest in a security
10 Meaning of interest in an asset
11 Meaning of interest in a trust
12 Meaning of interest in Australian land
13 Interests that are remote or subject to restraint etc.
14 Interests held or acquired jointly
15 Interests acquired by entering agreements or acquiring options
16 Meaning of proposes to take certain action
17 Meanings of interest and aggregate interest of a specified percentage in an entity
18 Rules relating to determining percentages of interests in entities
19 Tracing of substantial interests in corporations and trusts
20 Meaning of acquire an interest of a specified percentage in an entity
21 Meanings of subsidiary and holding entity
22 Meanings of voting power and potential voting power
23 Meaning of controls the voting power
24 Meaning of determines the policy of a business of exploiting a mining or production tenement
25 Meaning of enters an agreement
26 Meaning of sensitive business
27 Regulations to provide in relation to valuing assets
28 Acts done by agents
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Division 3—Application of this Act
29 Application of this Act to individuals and entities
30 Extension to external Territories
31 Extraterritoriality
32 Extension to exclusive economic zone and continental shelf
33 This Act binds the Crown
34 Concurrent operation of State and Territory laws
35 General severability
36 Severability relating to Australian businesses
37 Regulations providing for exemptions
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Part 2—Meaning of significant action and notifiable action
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Division 1—Simplified outline of this Part
38 Simplified outline of this Part
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Division 2—Meaning of significant action
39 Simplified outline of this Division
40 Meaning of significant action—entities
41 Meaning of significant action—businesses
42 Action taken in relation to agribusinesses
43 Meaning of significant action—land
44 Meaning of significant action—actions prescribed by the regulations
45 Actions that are not significant actions—exemption certificates
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Division 3—Meaning of notifiable action
46 Simplified outline of this Division
47 Meaning of notifiable action—general
48 Meaning of notifiable action—actions prescribed by the regulations
49 Actions that are not notifiable actions—exemption certificates
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Division 4—The threshold test and change in control
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Subdivision A—Simplified outline of this Division
50 Simplified outline of this Division
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Subdivision B—The threshold test
51 The threshold test for entities and businesses
52 The threshold test for land
53 The threshold test in relation to actions of more than one kind
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Subdivision C—Change in control
54 Change in control
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Subdivision D—Regulations
55 Regulations
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Division 5—Exemption certificates
56 Simplified outline of this Division
57 Exemption certificates for new dwellings
58 Exemption certificates for foreign persons
59 Exemption certificates for established dwellings
60 Other matters that may be specified by exemption certificates
61 Time limit for making decisions on exemption certificates
62 Variation or revocation of exemption certificates
63 Exemption certificates provided for by the regulations
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Division 6—Entities whose securities are stapled and entities operating on a unified basis
64 Simplified outline of this Division
65 Entities whose securities are stapled and entities operating on a unified basis
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Part 3—Powers of Treasurer
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Division 1—Simplified outline of this Part
66 Simplified outline of this Part
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Division 2—Powers of Treasurer
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Subdivision A—Orders
67 Order prohibiting proposed significant actions
68 Interim orders
69 Disposal orders
70 Limitation on making disposal orders
71 Variation and revocation of orders
72 Registration and commencement of orders
73 Actions of more than one kind
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Subdivision B—Other powers of Treasurer
74 No objection notification imposing conditions
75 No objection notification not imposing conditions
76 Content of notification
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Division 3—Provisions relating to powers of Treasurer
77 Time limit on making orders and decisions
78 Anti-avoidance
79 Persons involved in avoidance taken to be associates
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Part 4—Notice of notifiable actions and significant actions
80 Simplified outline of this Part
81 Compulsory notice of notifiable actions
82 Limitation on taking significant actions after notice given
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Part 5—Offences and civil penalties
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Division 1—Simplified outline of this Part
83 Simplified outline of this Part
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Division 2—Offences
84 Failing to give notice
85 Taking significant action before end of period
86 Contravening orders under Part 3
87 Contravening conditions
88 Failing to advertise new dwellings
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Division 3—Civil penalties
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Subdivision A—Civil penalties relating to significant actions generally
89 Contravening orders under Part 3
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Subdivision B—Civil penalties relating to actions (except in relation to residential land)
90 This Subdivision does not apply to actions relating to interests in residential land
91 Failing to give notice
92 Taking significant action before end of period
93 Contravening conditions
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Subdivision C—Civil penalties relating to residential land
94 Acquisition of interests in residential land
95 Acquisition of interests in established dwellings
96 Contravening conditions in relation to residential land
97 Persons contravening conditions
98 Working out capital gains
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Division 4—Miscellaneous
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Subdivision A—Application of the Regulatory Powers Act
99 Civil penalty provisions
100 Infringement notices
101 Meanings of tier 1 infringement notice and tier 2 infringement notice
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Subdivision B—Liability of officers of corporations
102 Liability of officers of corporations authorising or permitting contraventions
103 Civil penalties for officers of corporations failing to prevent contraventions
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Subdivision C—Recovering unpaid penalties
104 Creation of charge on land
105 Treasurer’s declaration relating to charge
106 Effect of charge on land
107 Vesting of interest in land
108 When the Commonwealth can begin dealing with interests in land
109 Disposing of interests in land
110 Exemption from stamp duty and other State or Territory taxes and fees
111 Compensation for acquisition of property
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Part 6—Fees in relation to actions
112 Simplified outline of this Part
113 When fees are payable
114 Requirement for fees to be paid before Treasurer exercises powers
115 Waiver and remission of fees
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Part 6A—Vacancy fees for foreign acquisitions of residential land
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Division 1—Simplified outline of this Part
115A Simplified outline of this Part
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Division 2—Vacancy fees: liability
115B Scope of this Division—persons and land
115C Liability for vacancy fees
115D Vacancy fee liability—vacancy fee return
115E Vacancy fee liability—notice of liability for vacancy fee
115F Vacancy fee liability—due date
115G Vacancy fee liability—requirement to keep records
115H Vacancy fee liability—waiver and remission
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Division 3—Vacancy fees: recovery of unpaid fees
115J Vacancy fee recovery—as a debt
115K Vacancy fee recovery—creation of charge over Australian land
115L Vacancy fee recovery—Treasurer’s declaration relating to charge over land
115M Vacancy fee recovery—effect of charge on land
115N Vacancy fee recovery—court order authorising vesting of interest in Commonwealth
115P Vacancy fee recovery—vesting of interest in land
115Q When the Commonwealth can begin dealing with interests in land
115R Vacancy fee recovery—disposing of interests in land
115S Vacancy fee recovery—exemption from stamp duty and other State or Territory taxes and fees
115T Vacancy fee recovery—compensation for acquisition of property
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Part 7—Record-keeping and confidentiality of information
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Division 1—Simplified outline of this Part
116 Simplified outline of this Part
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Division 2—Record-keeping
117 What records must be made and kept
118 Making and keeping records
119 Offence for failing to make and keep records
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Division 3—Confidentiality of information
120 Meaning of protected information
121 Authorisation of disclosures etc. of protected information for the purposes of this Act
122 Authorisation of disclosures to Commonwealth Ministers and Commonwealth entities
123 Authorisation of disclosures relating to law enforcement
124 Authorisation of disclosures of periodic aggregate information
125 Authorisation of disclosures of information in the public domain
126 Authorisation of disclosures where consent or to person who gave information or related entity
127 Authorisation to use information for purposes of proceedings
128 Offence relating to protected information
129 Exception for use of information in good faith
130 No requirement to provide information
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Part 8—Miscellaneous
131 Simplified outline of this Part
132 Powers of courts to enforce Treasurer’s orders
133 Treasurer may require information
134 Validity of acts done in contravention of this Act
135 Manner of notification and application
135A Service of notices and other documents on persons who cannot be found, or who are not in Australia
136 Withdrawal of applications and notices
137 Delegation of powers or functions
138 Powers of Commissioner of Taxation
139 Regulations
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Endnotes
Endnote 1—About the endnotes
Endnote 2—Abbreviation key
Endnote 3—Legislation history
Endnote 4—Amendment history