Federal Register of Legislation - Australian Government

Primary content

Regulations as made
These regulations amend the monetary value thresholds for particular significant actions and notifiable actions which are specified in the Foreign Acquisitions and Takeovers Regulation 2015 to nil. This requires a greater number of investments by foreign persons in Australia to be notified to the Treasurer for review to ensure they are not contrary to the national interest.
Administered by: Treasury
Registered 17 Apr 2020
Tabling HistoryDate
Tabled HR12-May-2020
Tabled Senate12-May-2020
To be repealed 13 Aug 2020
Repealed by Division 1 of Part 3 of Chapter 3 of the Legislation Act 2003
Table of contents.

Commonwealth Coat of Arms of Australia

 

Foreign Acquisitions and Takeovers Amendment (Threshold Test) Regulations 2020

I, General the Honourable David Hurley AC DSC (Retd), Governor-General of the Commonwealth of Australia, acting with the advice of the Federal Executive Council, make the following regulations.

Dated 16 April 2020

David Hurley

Governor-General

By His Excellency’s Command

Josh Frydenberg

Treasurer

 

 

 

  

  


Contents

1............ Name............................................................................................................................. 1

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

3............ Authority....................................................................................................................... 1

4............ Schedules...................................................................................................................... 1

Schedule 1—Amendments                                                                                                                          2

Foreign Acquisitions and Takeovers Regulation 2015                                                                  2

 


1  Name

                   This instrument is the Foreign Acquisitions and Takeovers Amendment (Threshold Test) Regulations 2020.

2  Commencement

             (1)  Each provision of this instrument 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 instrument

The day after this instrument is registered.

18 April 2020

Note:          This table relates only to the provisions of this instrument as originally made.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

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

3  Authority

                   This instrument is made under the Foreign Acquisitions and Takeovers Act 1975.

4  Schedules

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

Schedule 1Amendments

  

Foreign Acquisitions and Takeovers Regulation 2015

1  Section 5

Repeal the following definitions:

                     (a)  definition of existing value;

                     (b)  definition of GDP implicit price deflator value.

2  Subsection 38(5)

Repeal the subsection.

3  Subsections 40(2) and (2A)

Repeal the subsections.

4  Part 4

Repeal the Part, substitute:

Part 4Thresholds

  

49  Simplified outline of this Part

Certain actions are only significant actions or notifiable actions if the threshold test is met.

This Part prescribes nil as the value for that test. Some land has no threshold value.

51  Taking action in relation to entities and businesses (including agribusinesses)

                   For the purposes of section 51 of the Act, the prescribed value is nil.

52  Land

             (1)  For the purposes of subsection 52(1) of the Act, all land other than agricultural land is prescribed.

             (2)  For the purposes of paragraph 52(2)(b) of the Act, the prescribed value is nil.

5  In the appropriate position

Insert:

74  Application of the Foreign Acquisitions and Takeovers Amendment (Threshold Test) Regulations 2020

             (1)  The amendments made by the amending regulations apply in relation to an action taken on or after the announcement time, unless the action is covered by an agreement entered into before the announcement time.

             (2)  In applying subsection (1), disregard subsection 15(5) of the Act (about provisions of agreements that are not currently binding).

Saving provision for restrictive conditions in exemption certificates

             (3)  Despite the repeal of subsections 52(6), (6A) and (7) of this instrument by the amending regulations, those subsections continue to apply, on and after the announcement time, in relation to an exemption certificate covered by subsection (4), as if the repeal had not happened.

             (4)  This subsection covers an exemption certificate if:

                     (a)  the certificate was in force at the announcement time; and

                     (b)  a condition specified in the certificate referred to subsection 52(6), (6A) or (7) of this instrument.

Definitions

             (5)  In this section:

amending regulations means the Foreign Acquisitions and Takeovers Amendment (Threshold Test) Regulations 2020.

announcement time means 10.30 pm, by legal time in the Australian Capital Territory, on 29 March 2020.