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Foreign Acquisitions and Takeovers Act 1975
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Department of the Treasury
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C2024C00844 C34
11 December 2024
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Part 1—Preliminary
Division 1—Preliminary
1 Short title
2 Commencement
3 Simplified outline of this Act
Division 2—Definitions
Subdivision A—Dictionary of definitions
4 Dictionary of definitions
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
8A Meaning of starts a national security business
8B Meaning of starts an Australian business
9 Meaning of interest in a security
10 Meaning of interest in an asset
11 Meaning of interest in a trust
11A Meaning of interest in an unincorporated limited partnership
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
16A Meaning of interest of a specified percentage in a business
17 Meanings of interest and aggregate interest of a specified percentage in an entity or unincorporated limited partnership
18 Rules relating to determining percentages of interests in entities
18A Increasing percentage of interests without acquiring additional interests in securities
19 Tracing of substantial interests in corporations, trusts and unincorporated limited partnerships
19A Meaning of acquire an interest of a specified percentage in a business
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
26A Meaning of registrable water entitlement
27 Regulations to provide in relation to valuing assets
28 Acts done by agents
Division 3—Application of this Act
29 Application of this Act to individuals, entities and unincorporated limited partnerships
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—Actions to which this Act applies
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Division 1—Simplified outline of this Part
38 Simplified outline
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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 4A—Meaning of notifiable national security action
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Subdivision A—Simplified outline
55A Simplified outline
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Subdivision B—Meaning of notifiable national security action
55B Meaning of notifiable national security action
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Division 4B—Meaning of reviewable national security action
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Subdivision A—Simplified outline
55C Simplified outline
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Subdivision B—Meaning of reviewable national security action
55D Meaning of reviewable national security action—entities
55E Meaning of reviewable national security action—businesses
55F Meaning of reviewable national security action—land
55G Actions that are not reviewable national security actions—exemption certificates
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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
61A Treasurer may extend period by up to 90 days
62 Variation or revocation of exemption certificates—general
62A Variation or revocation of exemption certificates—false or misleading information or documents
62B Effect of revocation or variation of exemption certificate
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 1A—Review of reviewable national security actions
66A National security review of actions
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Division 2—Orders relating to actions that are, or whose result would be, contrary to national security or the national interest
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Subdivision A—Orders
67 Order prohibiting proposed actions
68 Interim orders
69 Disposal orders
70 Limitation on making disposal orders
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Subdivision B—No objection notifications
74 No objection notification imposing conditions
75 No objection notification not imposing conditions
76 Content of notification
76A Revocation of no objection notification
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Subdivision C—Time limits on making orders and decisions
77 Time limit on making orders and decisions
77A Treasurer may extend decision period by up to 90 days
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Subdivision D—Anti avoidance
78 Anti avoidance
79 Persons involved in avoidance taken to be associates
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Division 3—Last resort powers: orders to deal with national security risks arising after an initial assessment
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Subdivision A—National security review required
79A National security review required before orders may be made
79B When an action creates a national security risk
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Subdivision B—Orders
79C Considerations required by Treasurer before any order given
79D Order prohibiting proposed actions
79E Disposal orders
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Subdivision C—Other powers of Treasurer
79F Considerations required by Treasurer before any power exercised
79G Varying or revoking conditions of no objection notification
79H Notice imposing conditions
79J Variation of notice imposing conditions
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Subdivision D—Miscellaneous
79K Exercise of powers under this Division
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Division 4—Administrative provisions
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Subdivision A—Orders
79L Variation and revocation of orders
79M Registration and commencement of orders
79N Actions of more than one kind
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Subdivision B—Variation of notices imposing conditions
79P Variation with consent or without disadvantage
79Q Variation on application
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Division 5—Treasurer directions
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Subdivision A—Directions to persons
79R Treasurer may give direction to person
79S Publication of directions
79T When direction takes effect
79U Varying and revoking directions
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Subdivision B—Interim directions to persons
79V Treasurer may give interim direction to person
79W When interim direction takes effect
79X Expiry of interim direction
79Y Varying and revoking interim directions
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Part 4—Notices required for notifiable actions and notifiable national security actions, and may be given of other actions
80 Simplified outline of this Part
81 Compulsory notice of notifiable actions and notifiable national security actions
82 Limitation on taking 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 action before end of period
85A Taking action while prohibited by this Act
86 Contravening orders under Part 3
87 Contravening conditions
88 Failing to advertise new dwellings
88A Contravening directions and interim directions
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Division 3—Civil penalties
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Subdivision A—Civil penalties relating to 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 Application
91 Failing to give notice
92 Taking action before end of period
92A Taking action while prohibited by this Act
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
95A Taking action while prohibited by this Act
96 Contravening conditions in relation to residential land
97 Persons contravening conditions
98 Working out capital gains
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Subdivision D—Other civil penalties
98A Contravening directions and interim directions
98B False or misleading information and documents
98C Failure to notify Treasurer of taking of action specified in no objection notification
98D Failure to notify taking of action related to exemption certificate
98E Failure to notify Treasurer of situations following core Part 3 action
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Subdivision E—Miscellaneous
98F Civil penalty amounts for penalty provision based on value
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Division 4—Miscellaneous
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Subdivision A—Application of the Regulatory Powers Act—Civil penalty provisions
99 Civil penalty provisions
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Subdivision AA—Application of the Regulatory Powers Act—Infringement notices
100 Infringement notices
101 Meanings of tier 1 infringement notice, tier 2 infringement notice and tier 3 infringement notice
101AA Threshold for distinction between tier 2 infringement notices and tier 3 infringement notices
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Subdivision AB—Application of the Regulatory Powers Act—Monitoring powers
101A Monitoring powers
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Subdivision AC—Application of the Regulatory Powers Act—Investigation powers
101B Investigation powers
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Subdivision AD—Application of the Regulatory Powers Act—Enforceable undertakings
101C Enforceable undertakings
101D Publication of undertakings
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Subdivision AE—Application of the Regulatory Powers Act—Miscellaneous
101E Appointment of authorised officers
101F Delegation of certain powers and functions under the Regulatory Powers Act
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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
115DA Vacancy fee liability—false or misleading 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—Administrative provisions
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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 bodies
123 Authorisation of disclosures relating to law enforcement
123A Authorisation of disclosures about decisions where Commonwealth, State or Territory Minister or body etc. provided information
123B Authorisation of disclosures to foreign governments and separate government entities
124 Authorisation of disclosures of non identifying 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
126A Authorisation of disclosure by Registrar of information in the Register
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 protected information
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Division 4—Review of decisions
130A ART review of decisions
130L Restriction on Treasurer’s powers after review
130M Costs
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Part 7A—The Register of Foreign Ownership of Australian Assets
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Division 1—Simplified outline of this Part
130P Simplified outline of this Part
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Division 2—The Register of Foreign Ownership of Australian Assets
130Q Register commencement day
130R Appointment of the Registrar
130S Registrar must keep Register
130T Information to be contained in the Register
130U Registrar may add information to the Register
130V Registrar may disclose information in the Register in certain circumstances
130W Giving notice to Registrar
130X Interests acquired by entering agreements etc.
130Y Agents may give notice
130Z Regulations may extend time for giving notice
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Division 3—Requirements to give register notices to the Registrar
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Subdivision A—Requirements relating to interests in land
130ZA Foreign person acquires interest in Australian land
130ZB Foreign person acquires interest in exploration tenement
130ZC Person becomes a foreign person while holding interest in land
130ZD Change in nature of interest in land
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Subdivision B—Requirements relating to registrable water interests
130ZE Foreign person acquires registrable water interest
130ZF Person becomes a foreign person while holding registrable water interest
130ZG Change to certain characteristics of a registrable water interest
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Subdivision C—Requirements relating to interests in businesses or entities
130ZH Foreign person takes action that is a significant action under section 40—entities
130ZI Foreign person takes action that is a significant action under section 41—businesses
130ZJ Foreign person takes action that is a notifiable action under section 47—entities and businesses
130ZK Foreign person takes action that is a notifiable national security action under section 55B
130ZL Foreign person takes action that is a reviewable national security action under section 55D—entities
130ZM Foreign person takes action that is a reviewable national security action under section 55E—businesses
130ZN Change in interest in an entity or business
130ZO Person becomes a foreign person while holding interest in an entity or business
130ZP Person becomes a foreign person while carrying on or holding interest in a national security business
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Subdivision D—Requirements relating to registered circumstances
130ZQ Registered circumstance ceases
130ZR Foreign person ceases to be a foreign person while registered circumstances exist
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Subdivision E—Requirements relating to persons who die, or corporations that are wound up, before notice is given
130ZS Requirement for executor or administrator to give notice for person who dies before giving notice
130ZT Requirement for corporate liquidator to give notice for corporation that is wound up before giving notice
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Subdivision F—Prescribed requirements
130ZU Regulations may require notice to be given to Registrar
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Division 4—Consequences of failing to give notice to Registrar
130ZV Civil penalty for failing to give notice to Registrar
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Division 5—Miscellaneous
130ZW Directions by Treasurer
130ZX Delegation
130ZY Report to the Parliament
130ZZ Data standards
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Part 8—Miscellaneous
131 Simplified outline of this Part
132 Powers of courts
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
