Federal Register of Legislation - Australian Government

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A Bill for an Act to amend the Foreign Acquisitions and Takeovers Fees Imposition Act 2015, and for related purposes
Administered by: Treasury
For authoritative information on the progress of bills and on amendments proposed to them, please see the House of Representatives Votes and Proceedings, and the Journals of the Senate as available on the Parliament House website.
Registered 08 Feb 2018
Introduced HR 08 Feb 2018
Table of contents.

2016‑2017‑2018

 

The Parliament of the

Commonwealth of Australia

 

HOUSE OF REPRESENTATIVES

 

 

 

 

Presented and read a first time

 

 

 

 

Foreign Acquisitions and Takeovers Fees Imposition Amendment (Near‑new Dwelling Interests) Bill 2018

 

No.      , 2018

 

(Treasury)

 

 

 

A Bill for an Act to amend the Foreign Acquisitions and Takeovers Fees Imposition Act 2015, and for related purposes

  

  


Contents

1............ Short title............................................................................................. 1

2............ Commencement................................................................................... 1

3............ Schedules............................................................................................ 2

Schedule 1—Near‑new dwelling interests                                                               3

Part 1—Amendments                                                                                                    3

Foreign Acquisitions and Takeovers Fees Imposition Act 2015                        3

Part 2—Application and transitional provisions                                              5

 

 


A Bill for an Act to amend the Foreign Acquisitions and Takeovers Fees Imposition Act 2015, and for related purposes

The Parliament of Australia enacts:

1  Short title

                   This Act is the Foreign Acquisitions and Takeovers Fees Imposition Amendment (Near‑new Dwelling Interests) Act 2018.

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

Column 1

Column 2

Column 3

Provisions

Commencement

Date/Details

1.  The whole of this Act

At the same time as Schedule 2 to the Treasury Laws Amendment (Reducing Pressure on Housing Affordability Measures No. 2) Act 2018 commences.

However, the provisions do not commence at all if that Act does not commence.

 

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.

Schedule 1Near‑new dwelling interests

Part 1Amendments

Foreign Acquisitions and Takeovers Fees Imposition Act 2015

1  Section 6 (heading)

Repeal the heading, substitute:

6  Fees relating to exemption certificates

2  Subsection 6(1) (heading)

Repeal the heading, substitute:

Fees for applications for exemption certificates

3  Subsection 6(1) (after note 2)

Insert:

Note 2A:    For additional fees in relation to an exemption certificate under section 57 (new dwellings) of the Foreign Acquisitions Act, see subsection (3).

Note 2B:    For additional fees in relation to a residential land (near‑new dwelling interests) certificate, see subsection (5).

4  At the end of section 6

Add:

Fees for residential land (near‑new dwelling interests) certificates—6 monthly fees for developers

             (5)  The amount of a fee that is payable by a developer mentioned in subsection 113(2A) of the Foreign Acquisitions Act at the end of a 6 month period is the total of the amounts that are payable under subsection (6) of this section for each near‑new dwelling acquisition that occurs during the period.

Note:          Subsections 113(3) and (4A) of the Foreign Acquisitions Act define 6 month period and near‑new dwelling acquisition.

             (6)  The amount that is payable for a near‑new dwelling acquisition is the amount that, at the time of the acquisition, would have been payable for the acquisition under item 3 of the table in subsection 7(1) of this Act assuming the acquisition had been a notifiable action.

Part 2Application and transitional provisions

5  Application of amendments—general

            Subject to item 6 of this Schedule, the amendments of the Foreign Acquisitions and Takeovers Fees Imposition Act 2015 made by Part 1 of this Schedule apply in relation to a near‑new dwelling acquisition occurring on or after 1 July 2017.

Note:       For the meaning of near‑new dwelling acquisition, see subsection 113(4A) of the Foreign Acquisitions Act, as inserted by Part 1 of Schedule 2 to the Treasury Laws Amendment (Reducing Pressure on Housing Affordability Measures No. 2) Act 2018.

6  Transitional—certificate given before commencement

(1)       This item applies in relation to a near‑new dwelling acquisition if the acquisition:

                     (a)  occurred on or after 1 July 2017; and

                     (b)  is covered by a residential land (near‑new dwelling interests) certificate that was given to a person (the developer) 6 months or more before the day this item commenced.

(2)       The transitional fee period is the period of 12 months beginning immediately after the developer was given the certificate.

(3)       Subsection 6(5) of the Foreign Acquisitions and Takeovers Fees Imposition Act 2015, as inserted by Part 1 of this Schedule, has effect as if the reference in that subsection to a 6 month period were a reference to the transitional fee period or any subsequent 6 month period (disregarding the definition of 6 month period in subsection 113(3) of the Foreign Acquisitions Act).